Measure
Duration
Definition
Approximate percentage price change of a bond or bond fund per one-percentage-point change in yield.
Formula
ΔP/P ≈ −D_mod × Δy
How to read it
A duration of 6 implies roughly a 6% price fall if yields rise by one point.
What it does not tell you
It is a first-order approximation, accurate only for small moves. For large yield changes the true price path curves away from the straight line — the missing term is convexity — and it assumes a parallel shift of the whole yield curve, which rarely happens.
Applied in 127 articles
127- Sharpe, Sortino, or Calmar? Choosing the Right Risk-Adjusted Metric for Your Goal
- Duration and Convexity: What Bond-ETF Investors Get Wrong About Rate Sensitivity
- The Low-Volatility Anomaly: Why Boring Stocks Keep Beating the Theory
- Minimum Variance vs Maximum Diversification: Two Optimizers, Two Very Different Portfolios
- Is Value 'Cheap'? Reading the Value Spread Instead of Guessing the Factor's Comeback
- Correlation Regimes: Why Diversification Fails Exactly When You Need It Most
- Volatility Targeting: How Scaling Exposure to a Risk Budget Changes Long-Term Outcomes
- VYMI vs IDV: International Dividend ETFs — Yield, Country Risk, and the Currency Drag
- XLC vs VOX: The Communication-Services Sector — Where Big Tech Hides in Plain Sight
- ITA vs XAR: Defense and Aerospace ETFs When Geopolitical Risk Is Rising
- XBI vs IBB: Equal-Weight vs Cap-Weight Biotech — Two Very Different Risk Profiles
- CIBR vs BUG vs HACK: Cybersecurity ETFs — Where the Holdings and Fees Diverge
- ICLN vs TAN: Clean-Energy ETFs After the Boom-Bust — What Survived and Why
- ARKK vs QQQ: Disruptive Innovation vs the Nasdaq-100 — What a Full Cycle Revealed
- BNDX vs BND: Does Adding International Bonds Do Anything for a US Portfolio?
- MUB vs BND: When Municipal Bonds Beat Taxable Bonds — The Tax-Equivalent Yield Math
- EWY vs EWT vs KWEB: The Geography of the AI Chip Trade
- The 2026 Semiconductor Selloff, Part 2 — SOXX vs SMH vs SOXQ: Which Chip ETF Actually Fits a Long-Term Portfolio
- LQD vs HYG: Investment-Grade vs High-Yield Credit — What the Spread Actually Pays You For
- TIP vs SCHP vs VTIP: How Inflation-Protected Bond ETFs Differ by Duration
- TLT vs IEF vs SHY: Building a Treasury Duration Ladder for Different Rate Scenarios
- VTV vs VUG: The Value-vs-Growth Split Inside the S&P 500 — What 15 Years of Data Show
- How Much ETF Overlap Is Too Much? Measuring Redundancy in a Long-Term Core
- CALF vs AVUV: Small-Cap Free Cash Flow vs Small-Cap Value — Two Quality Screens
- A 2026 Rate-Cut Path: Bonds vs Cash When Yields Fall (SGOV vs BND)
- VGT vs XLK: Two Large Technology ETFs — Where the 0.10% Fee Gap Goes
- Spot Bitcoin ETFs and the Long-Term Core: An Honest Assessment of Role and Risk
- VNQ vs SCHH: Two REIT Index ETFs — Holdings, Yield, and Realized Risk
- BND vs AGG: The Two Total-Bond Giants — Duration, Yield, and Tracking Difference
- USMV vs SPLV: Two Approaches to Low-Volatility Investing — Which Defense Holds Up?
- VYM vs SCHD: High Yield vs Dividend Quality — Two Different Bets on Income
- The Three-Fund Portfolio in 2026: What VTI, VXUS, and BND Actually Delivered
- QRFT vs AMOM: AI-Driven Quality vs AI-Driven Momentum — A Head-to-Head Read
- SCHG vs VUG: Large-Cap Growth Twins — Where the Index Construction Diverges
- SMH vs SOXX: Two Semiconductor ETFs, Two Very Different Concentration Profiles
- VGT vs QQQ: Tech Sector vs Nasdaq-100 — How Different Are They Really?
- The Mulden Hybrid Portfolio Framework: Quarterly Review (Q2 2026)
- Why I Track Drawdown Recovery Time, Not Just Max Drawdown
- IGV vs WCLD vs QQQ: Breaking Down the 'Tech Beta' Stack
- How Factor Loadings Drift: Watching MTUM, QUAL, and SIZE Over Five Years
- BOTZ vs. ROBO vs. AIQ: Three AI & Robotics ETFs Compared
- Why Sequence-of-Returns Risk Is the Hidden Killer Before Retirement
- AMOM Explained: How AI Weights Momentum Differently from MTUM
- What +/-15 vs +/-25 Rebalancing Bands Actually Do — A 15-Year 60/40 Backtest
- The Ultimate 2026 Hybrid Portfolio: How to Mix Classic ETFs with AI Quant
- GLD vs. DBMF: Gold vs. AI-Managed Managed Futures (Trend Following)
- VNQ vs. PPTY: REITs Index vs. AI-Powered Real Estate Value Analysis
- AGG vs. BNDI: Total Bond Market vs. AI-Driven Active Fixed Income Strategy
- QQQM vs. QRFT: Nasdaq 100 vs. AI-Driven Quality Factor Investing
- The "All-Weather" AI Portfolio: Combining Diversification with Predictive Power
- The Master Class: How to Use Claude (Anthropic) to Backtest Your Own ETF Strategy
- SCHD vs VIG: A Quantitative Analysis of Dividend Quality Factors
- VOO vs. MTUM vs. QUAL: Which Smart Beta ETF Wins Numerically? (Backtest Analysis)
- Why "Factor Investing" Still Works: Applying Fama-French Models in the AI Era
- The Great Rotation Playbook: Full ETF Strategy for 2026
- Repositioning Without Prediction: A 2026 Rotation Framework for Long-Term ETF Portfolios
- VXUS vs VOO: Where Should You Invest in 2026?
- SGOV vs Gold ETFs: Two Defenses That Hedge Different Risks
- Gold vs Bonds in 2026: Two Different Hedges, Two Different Risks
- Energy Equities and Geopolitical Conflict: When the Relationship Actually Holds
- Top ETFs for AI Infrastructure in 2026 (Utilities, Energy, Grid)
- Why AI Is Driving a New Infrastructure Supercycle (Not Just Tech Stocks)
- What "Falling Rates" Actually Does to Equity Categories — A 2026 Framework
- Interest Rate Cuts in 2026: What Happens to Stocks, Bonds, and Gold?
- What Market Rotation Is — and Isn't — for Long-Horizon ETF Investors
- Reading 2026 Capital Flows: The Macro Arithmetic Behind the "Smart Money" Narrative
- Roles Before Tickers: A Framework for Long-Horizon ETF Allocation
- When to Stop Investing: The Art of Risk Management and Strategic Cash
- The Arithmetic of a -30% Drawdown: Recovery Math, Allocation, and What the Data Actually Says
- Buying at the 2007 Peak: A 10-Year Simulation of Lump-Sum vs. Lump-Sum-Plus-DCA
- The Rule of 72 in Practice: What Realized ETF Returns Say About Doubling Time
- The Rationale Behind a Five-ETF Long-Term Core: VOO, QQQM, SCHD, VXUS, AVUV
- The Final-Decade Asymmetry: How Long-Horizon ETF Compounding Actually Distributes
- Compounding Realistically: What 30 Years of Index Investing Actually Looks Like
- The 0.1% Allocation Question: What Small Decisions Actually Change Over 30 Years
- The First $10,000: A Framework for Long-Horizon ETF Allocation
- How to Start ETF Investing: The Complete 2026 Roadmap
- Why Capital Preservation Is the Secret to Winning with Leveraged Assets
- Hedging a Leveraged Sleeve: A Framework Built Before the Volatility Arrives
- Can Leveraged ETFs Be Part of a Long-Term Portfolio? Risk Mitigation Strategies
- The Math of Leveraged ETF Decay: Myth vs. Reality in Trending Markets
- QLD vs SSO: What 2x Leveraged ETFs Actually Cost a Long-Term Holder
- VOO vs QQQM vs TQQQ: What 5-Year Volatility and Drawdown Tell Us About Leverage in a Long-Term Core
- The Honest Math of Leveraged ETFs: A 5-Year Data Read on TQQQ, SSO, and UPRO
- Infrastructure in a 30-Year Core: What the Data on XLU and PAVE Actually Shows
- Common Mistakes in Infrastructure Investing and How to Avoid Them
- Rebalancing After an AI Concentration Run: Where the Trimmed Capital Actually Belongs
- The Impact of 2026 Energy Policies on Your Long-Term Portfolio
- Data Center REITs vs. Infrastructure ETFs: Which One for Consistent Cash Flow?
- Nuclear Energy Renaissance: Investing in the Zero-Carbon AI Future
- VXUS vs. a US-Only Core: What International Diversification Actually Adds
- What SGOV and Gold Actually Do: A Quant Look at Defensive Assets in 2026
- Grid Modernization and the GRID ETF: A Calibrated Look at Smart-Grid Equipment vs. Utilities
- Utilities in a Rate-Cut Cycle: What the AI Power Demand Story Does — and Doesn't — Justify
- The 90/10 Allocation Framework: Pairing Broad Equity, AI Infrastructure, and a Cash Sleeve
- Infrastructure ETFs in 2026: What XLU, VPU, IFRA, PAVE, and GRID Actually Own
- BOTZ vs IRBO: Finding the Most Cost-Effective Entry into Automation
- VPU vs XLU: A Fee, Liquidity, and Concentration Comparison for Long-Horizon Utility Exposure
- VOO, XLU, IFRA: What 5-Year Data Says About Three Approaches to the AI Power Build-Out
- Sizing an AI-Infrastructure Sleeve: VOO, QQQM, XLU, IFRA, and SGOV Through a Long-Horizon Lens
- The Yield-vs-Growth Question in 2026: Reading SCHD Against VOO, QQQM, AVUV, and ROE
- Planning the Handoff: A Framework for Tax-Efficient Wealth Transfer
- "The Curse of Sequence Risk" – Protecting Your 30-Year Plan from a Pre-Retirement Crash
- The Boredom Plateau: Why Year 10 Tests More Portfolios Than the First Crash
- Re-evaluating the 4% Rule: Sequence Risk, Yield, and Dynamic Withdrawal in 2026
- Tax-Loss Harvesting and the After-Tax Compounding Gap: What the Math Actually Shows
- SGOV and Gold in a 4.5% World: Rethinking the Defensive Sleeve for 2026
- VOO, QQQM, and SCHD: What Five-Year Risk and Return Actually Say About a Long-Term Core
- XLE in a Long-Term Core: The Rebalancing Math Behind Cyclical Sector Sleeves
- Energy ETFs in the 2026 Hormuz Shock: When Geopolitical Risk Premia Show Up in Returns
- XLE vs VDE: A Five-Year Audit of the Two Largest US Energy ETFs
- SCHD, AVUV, and VXUS During the Iran–U.S. War Shock Dividend Stability, Small-Cap Risk, and Global Exposure — A Data-Driven ETF Analysis
- SGOV, VOO, and QQQM Under Geopolitical Stress: What Oil, Yields, and Volatility Reveal
- If War Triggers a Market Correction, Do Long-Term ETF Investors Actually Lose Money? (10+ Year Analysis)
- Iran–U.S. Conflict and Oil Markets: Why the Strait of Hormuz Matters for Global Investors
- If the Nasdaq 100 Corrects 20%, Will Long-Term Investors Lose Money? (10+ Year Analysis)
- Precious Metals ETF Guide 2026: Gold, Silver, and Long-Term Portfolio Strategy
- Silver Through SLV: Volatility, Drawdown, and Role in a Long-Term Portfolio
- Tesla Inside Your Index ETF: How Market-Cap Weighting Translates a Single Stock Into Portfolio Exposure
- The Tesla Ecosystem Through an ETF Lens: How Long-Horizon Investors Should Think About Concentrated Innovation Bets
- How to Rebalance a 2-Layer Portfolio Without Emotion
- Discipline Over Prediction: The Behavioral Foundations of Long-Horizon Investing
- Volatility vs. Permanent Loss: What Risk Actually Means for Long-Term ETF Investors
- AVUV and the Case for Small-Cap Value Patience
- Two Layers, Defined Roles: A Framework for Long-Horizon ETF Allocation
- SCHD and the Power of Dividend Discipline
- SGOV's Role in a Long-Term Portfolio: Yield, Realized Risk, and the Cash Floor
Every figure computed with this measure on this site follows the conventions set out in the methodology. All measures →