# Portfolio Duration . Dirty or Clean Price? [duplicate]

When I calculate the Macaulay Duration of my portofolio (vanilla bonds) Should i have to use clean or dirty price to price my portfolio? What is the logic to use one or the other?

Thanks a lot!

• – Sharad Dec 2 '20 at 15:53

Numerically, the PV01 (PV impact of a 1BP shock in the rate) is nearly the same under both approaches (i.e. the overnight pillar has very little sensitivity) but the normalising factor $$\frac{1}{PV}$$ is of course off by $$\tau c$$, with $$\tau$$ the accrual period and $$c$$ the periodic coupon.