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.
Formula