Bond convexity is an important concept in fixed-income investing that measures the sensitivity of a bond's price to changes in interest rates. The use of bond convexity can provide several benefits to fixed-income investors.

Firstly, bond convexity can help investors to better manage interest rate risk. By understanding the impact of changes in interest rates on bond prices, investors can make more informed decisions about when to buy or sell bonds.

Secondly, bond convexity can help investors to identify bonds that offer the most attractive risk-adjusted returns. By comparing the convexity of different bonds, investors can identify those that are less sensitive to changes in interest rates and therefore offer a better risk-return profile.

Finally, bond convexity can help investors to build more diversified portfolios. By including bonds with different levels of convexity, investors can reduce their exposure to interest rate risk and improve the overall stability of their portfolio.

Overall, the use of bond convexity is an important tool for fixed-income investors, offering a range of benefits that can help to improve investment outcomes.