One framing I keep coming back to is this: duration is best understood as price sensitivity to yield changes, not as "time to maturity." What is happening: Maturity tells you when principal comes back. Duration tells you how much the price will care when yields move before that happens. $$ \frac{\Delta P}{P} \approx -D \cdot \Delta y $$ Plain English: Price change is approximately duration times the yield move, with the opposite sign. Why it matters: That is why two bonds with long maturities can still behave quite differently if coupon structure is different. In practice: A low-coupon long bond tends to feel rate changes more sharply than a higher-coupon peer with similar maturity. Watch for: The mistake is using maturity as a shortcut for interest-rate risk. Useful lens: A useful review question is which funding, incentive or cash-flow channel is actually doing the work. The point is not to memorize the label. The point is to know what variable is actually doing the work.