It is one twenty-fourth of a day.
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1/24 and 1/48, respectively.
In the context of a day, it is not: it is a proper fraction. In the context of an hour it is. In the context of minutes, it is not.
Compare it to something else. One hour is 1/24 of a day.
615 is a time of day: it is not, and cannot be expressed, as a fraction of an hour.
15 minutes is a whole (1/1) of 15 minutes. It is 1/4 hour or 1/96 day or 1/672 week.