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Open it modified duration is a price sensitivity measure when the price is treated as a function of yield, the percentage change in price with respect to yield.
Original toplevel document
Bond duration - Wikipedia, the free encyclopedia t should be remembered that, even though Macaulay duration and modified duration are closely related, they are conceptually distinct. Macaulay duration is a weighted average time until repayment (measured in units of time such as years) while <span>modified duration is a price sensitivity measure when the price is treated as a function of yield, the percentage change in price with respect to yield.
Units[edit]
For modified duration the common units are the percent change in price per one percentage point change in yield per year (for example yield going from 8% per year (y = 0.08)
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37% [default]
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