# Regress the changes in a bonds YTM against the changes in YTM of a bond index?

does it make sense to regress the changes in a bonds YTM against changes in the YTM of a bond index to get som measure of a bonds beta?

• What about no hedging purposes? As instance, consider getting Jensen's $\alpha$ regressing price variations of each bond in an ETF such as IHYG against that ETF's price variations. Aside from hedging a basket of bonds by selling the ETF, you could also detect bonds eligible for trend following or mean reverting... – Lisa Ann Aug 2 '17 at 7:08