能明白意思，但想知道这个答案应该怎么表述会比较简单清晰

嗨，从没放弃的小努力你好：

回答到下面的句子即可：

As a measure of interest rate sensitivity for high-yield bonds, empirical duration is superior to effective duration.

For all credit ratings, empirical duration is smaller than the theoretically based effective duration because credit spreads tend to be negatively correlated with risk-free interest rates. The difference between effective and empirical duration is largest for the high-yield categories. Effective duration would tend to overestimate the effects of the same changes.

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努力的时光都是限量版，加油！