Duration and convexity metrics for a 30 Yr Treasury bond yielding 5.16% as of July 24, 2026. Modified duration is 15.18 years, meaning a 1 basis point change in yield moves the price by approximately $0.1518 per $100 face value. These metrics help fixed income investors measure and manage interest rate risk across the maturity spectrum.
| Price | Mod Duration | Mac Duration | DV01 | Convexity | ΔP (+100bp) |
|---|---|---|---|---|---|
| $100.00 | 15.18 yr | 15.57 yr | $0.1518 | 342.38 | $-13.46 |
Par bond (coupon = yield). Semiannual compounding.
Modified duration measures the percentage price change of a bond for a 1% parallel shift in yields. At a modified duration of 15.18 years, the 30 Yr Treasury will lose approximately $0.1518 per $100 face value for each basis point rise in rates (its DV01). Convexity captures the curvature in the price-yield relationship — for large rate moves, a bond with higher convexity will outperform a linear duration estimate on both rallies and selloffs. These metrics are computed assuming a par bond with semiannual compounding at the current 5.16% yield, making them directly comparable across maturities. Portfolio managers use duration to size interest rate hedges and to evaluate the risk-return tradeoff when extending or shortening portfolio maturity.
The 30-year bond is the longest-maturity Treasury and the primary benchmark for long-duration institutional investors. Its convexity of 342.38 is substantially higher than shorter maturities, producing a pronounced non-linear return profile. Price gains accelerate when yields fall sharply, while losses are partially cushioned on the upside. This asymmetry makes the 30 Yr particularly attractive to long-duration investors seeking both income and convexity exposure.