Normally, duration is less than the maturity for a fixed income asset.

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Duration is a measurement of the sensitivity of a fixed income asset to changes in interest rates. It takes into account the timing of cash flows from the asset and the discount rates used to calculate its present value. Typically, assets with longer maturities will have longer durations, but there can be exceptions. However, the duration is always less than the maturity for a fixed income asset, as the duration calculation considers the timing of cash flows over the asset's life but assumes all interim cash flows are reinvested at the current yield to maturity.

Normally, Duration Is Less Than the Maturity for a Fixed