A bond-market rout pushed the 10-year Treasury yield to the highest since 2007, but it doesn't erase the value of fixed income in a diversified portfolio.

The market ructions have made bond yields more attractive, financial advisers say. Over 80% of the global bond market now yields above 4%, according to BlackRock. The asset manager says the average yield in a bond portfolio it tracks has more than doubled from five years earlier.

Here's the Journal's guide on navigating the bond market amid market disorder.