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Modified Duration Calculator

Enter Macaulay duration, yield to maturity, and coupon frequency.

How to use

  1. Enter your values in the fields above.
  2. Press Calculate to see your result instantly.
  3. Use the Share button to copy a link to your result.

About this calculator

Macaulay duration measures the weighted-average time (in years) until a bond's cash flows are received. Modified duration converts that into a direct measure of price sensitivity: it's Macaulay duration divided by (1 + yield/coupon frequency), and it approximates the percentage change in a bond's price for a 1 percentage-point change in yield.

This calculator converts your bond's Macaulay duration into modified duration using its yield to maturity and coupon payment frequency, then estimates the price impact of a 1% yield move. Fixed-income investors and portfolio managers use modified duration to gauge how exposed a bond or bond portfolio is to interest rate risk — a bond with a modified duration of 7 will drop roughly 7% in price if yields rise 1%.

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