VaR and Duration

Hi everyone,

I have two questions related to VaR and Duration that came up when reading Measuring and Managing Market risk (reading 49, page 347, 2017):

  1. What is the relationship between duration and VaR? (In the book they mention that VaR measures do adjust for bonds of differing duration)
  2. What does it mean that Duration assume an effective correlation of 1.0?

Thanks for for any clarification!