# | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Year to Date (YTD):

Total return for a partial year. See also TOTAL RETURN.

Year-End Values:

The market value of an account at any given year-end. Used to quickly gauge year-to-year changes.

Yellow Sheets:

A daily listing of bonds, prices, and market makers for corporate bonds not listed on major exchanges.

Yield Curve:

Graph that shows a series of current interest rates, most often of U.S. Treasury issues from 3 months to 30 years maturity. A snapshot of the interest rate structure of the economy and sometimes a predictor of economic trends. Normally, the yield curve is moderately positive meaning that investors want higher rates for longer maturities to offset the risk of holding a bond to maturity while rates go up for newly issued bonds. A negative curve occurs when investors fear that in the short term, rates will be high and money will remain "tight" near-term. When a negative curve starts to flatten, a powerful stock and bond rally usually ensues. A steep curve occurs when investors don't fear inflation in the near-term but are concerned about the long term. A sudden flattening of a steep curve in which the short end rises can be a harmful sign for the stock and bond markets.

Yield Spread:

Difference in yield between various bonds of equivalent time to maturity. Since time to maturity is the same, the major distinguishing variable is quality. For example, a 5 year U.S. Treasury Note will have a lower current yield than a comparable 5-year corporate bond.

Yield to Call:

Yield on a bond which will be called by the issuer at the first call date.

Yield to Maturity:

Takes into account the annual dividend, current price, redemption price, and time remaining to maturity. In effect, it is the annual total return for a bond. See also YIELD below.

Yield:

For a stock, the current yield is the annual dividend divided by the current price per share. For a mutual fund, the 4 qtr yield is the total dividends paid during the last four quarters divided by the NAV at the end of the last quarter. For a bond, the annual interest payment divided by [quantity x current price divided by 100]. For a CD, the annual interest payment divided by the face amount of the CD is the yield. It is a measure in percentage terms of how much income you can derive from the security. See also YIELD TO MATURITY above.