A measure of interest rate risk that calculates the change in yield (of a fixed-income security) in response to a price change of one tick (32nd or 1/32 for treasuries and 8th or 1/8 for corporates). For example, the yield value of a price change for a Treasury is the change in yield for a 1/32 change in price. This value is typically measured by calculating the difference between the yield to maturity (YTM) at the current price and the yield to maturity (YTM) if the security price moved up or down by 1/32. This constitutes the amount of change in the yield to maturity (YTM) that would account for an increase or decrease in the current price by one tick. The smaller the yield value of a price change, the greater the dollar price volatility.