Current Yield Calculator
From the annual coupon and the market price, compute the current yield (coupon return on market price).
輸入資料
計算結果
重點速覽：Current yield = annual coupon / market price x 100%. It measures the coupon return against market price, ignoring capital gain/loss and principal repayment (not YTM, nor inflation-adjusted). Below par (discount) → yield above coupon rate; above par (premium) → below. Example: 40 coupon, 950 price → ≈4.21%. WARNING: Does not reflect true holding return; use YTM. Education, not advice.
計算公式
Current Yield = 年息票 / 市價 × 100。
不含資本損益。
折價債 > 票面利率；溢價債 < 票面利率。
使用說明
- Enter the annual coupon amount.
- Enter the bond's market price.
- View the current yield and a short note.
理財情境案例
年息40、市價950
Current Yield = 40/950 = 4.21%。
若票面1000，票面利率4%，折價使實際票息回報略高。
常見問題
What is the difference between current yield and YTM?
Current yield only uses annual coupon / price; it ignores the capital gain/loss from buying at a discount/premium and the principal repayment. YTM amortises all of those into the holding-period return — YTM is the 'true maturity return'.
Why is the yield higher when the price is below par?
You buy at a discount and recover par at maturity, so the extra capital gain is baked into the total return; even the current yield, which only counts the coupon, is implicitly higher because the price is lower.
What is the current yield of a zero-coupon bond?
Zero-coupon bonds have no annual coupon, so the current yield is 0; all return comes from the discount capital gain, so you should look at YTM, not current yield.
Is it similar to dividend yield?
Conceptually similar (annual income / price), but bond coupons are far more certain than dividends, and bonds have a maturity and principal repayment while stocks do not.
Does inflation matter?
Current yield is a nominal rate and does not deduct inflation; real return needs the inflation rate subtracted (see the inflation-adjusted calculator).
相關工具
參考資料
內容審核：香港計算器科學團隊。Current Yield 公式與折溢價說明驗證。