While the inverse price-yield relationship tells you the direction of price moves, duration tells you the magnitude. Macaulay duration is the weighted-average time to receive a bond's cash flows. Modified duration approximates the percentage price change for a 1% yield change: %ΔP ≈ −D_mod × Δy. Convexity captures the curvature — the fact that prices rise more when yields fall than they fall when yields rise by the same amount.

Key intuitions for fixed-income investors:

Longer maturity and lower coupon → higher duration → more price sensitivity.
Zero-coupon bonds have duration equal to their maturity.
Convexity is always positive for plain-vanilla bonds — it's a free hedge against large rate swings.

Bond	Coupon	Maturity	Mod. Duration	Convexity
A	2%	5y	4.7	0.25
B	5%	10y	7.9	0.72
C	0%	10y	10.0	1.10