Running Yield
Annual coupon income divided by the bond's dirty price (clean price plus accrued interest).
Running yield measures the annual coupon income as a percentage of the bond's dirty price — that is, the clean price plus any accrued interest. Unlike current yield (which uses the clean price), running yield reflects what you actually pay for the bond at settlement. The difference between the two is typically small, but it widens as accrued interest builds between coupon dates. Running yield is a quick income measure but, like current yield, it ignores capital gains/losses and the pull-to-par effect as bonds approach maturity.
Yield to Maturity (YTM)
The annualized return if you hold the bond to maturity, assuming all coupons are reinvested at the same rate.
Coupon
The bond's stated annual interest rate, applied to face value to determine periodic payments.
Current Yield
Annual coupon income divided by the bond's clean price.
Dirty Price
The total settlement price paid for a bond, including accrued interest.
Clean Price
The quoted bond price excluding accrued interest.
Accrued Interest
Interest that has accumulated since the last coupon payment, paid by the buyer to the seller.