Bullet vs. barbell at equal duration calculator

In short

Convexity bought, curve risk taken on.

Interactive: bullet vs. barbell at equal durationHard

Short leg maturity (y) Long leg maturity (y) Bullet maturity (y) Yield level %

Barbell weights: —
Modified duration: —
Bullet convexity: —
Barbell convexity: —
Convexity edge: —
On a 100 bp parallel move: —
If only the long end sells off: —
Why this matters: —

The two bottom lines are the trade. Parallel moves favour the barbell — its convexity is genuinely larger. A steepening does not: the barbell's long leg carries the damage while the bullet sits in the middle of the curve. Own a barbell and you are long convexity and short the steepener, whether or not you meant to be.

The idea behind it

This calculator belongs to Curve Construction & Bond Math, where the mechanism it computes is explained step by step, with the formula, what each input means and where the simple model stops being right. Everything is computed in your browser; nothing you type is sent anywhere.

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The same in full — six points, and why each one matters

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