The Treasury yield curve is the risk-free baseline that investors can use to measure the intrinsic value of any investment. The Ryan Treasury Indexes shown here display how interest rate changes affect returns usually in an inverse relationship (yields go down, returns go up and vice versa). Interest rate risk (systematic risk) accounts for over 90% of the risk/reward behavior of most investment grade bonds. The Ryan Cash Index is an equal-weighted portfolio of the 1-6 month Treasury Bill auctions and the Ryan Index is an equal weighted portfolio of the 2-30 year Treasury auction issues. Modified duration is a measure of interest rate sensitivity. It measures the approximate price return given any yield move (yield move x modified duration as a negative number = price return).