For a vanilla bond, as coupon goes down ,absolute duration goes up, but absolute dv01(absolute change in price for a 1bp increase in rates ) goes down. so ... what is the message to take away from this... which is riskier!
Perhaps the answer to my question is , that it depends on what matters to you: your % return on investment, or your dollar P&L. For % ROI , duration is the measure to use , and for dollar P&L, DV01 is the one to use.
I would think that traders would care more about dollar P&L since the traders job is to hedge the market risk over the life of the trade , so my follow up q is - why do Bond traders look at duration rather than DV01 ?