Yield

The income from a security, expressed as a proportion of its market price. A bond carries an interest rate or coupon based on its par value (conventionally expressed as 100). But as the price falls or rises, the yield moves in inverse proportion. A coupon of $5 is a higher yield on a price of 80 than on a price of 120. The gross redemption yield reflects any capital gain or loss (since the bond will eventually be repaid at 100) as well as the income. For equities, the yield is the dividend as a proportion of the share price.