This is true in limited cases. Changes in bond values in relation to interest rate changes is much more involved than this. The first derivative is known as "du

This is true in limited cases. Changes in bond values in relation to interest rate changes is much more involved than this. The first derivative is known as "duration" while the second derivative is known as "convexity". The size and timing of payments will vary from bond to bond, which heavily affects interest rate risk: Duration: https://en.wikipedia.org/wiki/Bond_duration https://en.wikipedia.org/wiki/Bond_duration Convexity: https://en.wikipedia.org/wiki/Bond_convexity https://en.wikipedia.org/wiki/Bond_convexity