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Excel

YIELD function in Excel

Returns the yield on a security that pays periodic interest

=YIELD(settlement, maturity, rate, pr, redemption, frequency, [basis])

YIELD syntax and parameters

Seven arguments, six required.

  • settlementnumberRequired

    The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.

  • maturitynumberRequired

    The security's maturity date. The maturity date is the date when the security expires.

  • ratenumberRequired

    The security's annual coupon rate.

  • prnumberRequired

    The security's price per $100 face value.

  • redemptionnumberRequired

    The security's redemption value per $100 face value.

  • frequencynumberRequired

    The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

  • basisnumberOptional

    The type of day count basis to use.

YIELD examples

Formulas you'll actually reuse.

  1. The yield to maturity implied by a price of 104.35:

    =YIELD(DATE(2026, 5, 15), DATE(2031, 3, 15), 5%, 104.35, 100, 2, 0)

    Result0.04

  2. The same bond bought below par yields more than its coupon:

    =YIELD(DATE(2026, 5, 15), DATE(2031, 3, 15), 5%, 97.5, 100, 2, 0)

    Result0.056

YIELD in Google Sheets

Same name — your formula ports as-is.

Try YIELD in the playground

Edit the example — nothing to install.

Preloaded with the YIELD formula from Example 1 — change anything and watch it respond.

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YIELD errors

What they mean — and the fixes.

  • #NUM!

    settlement is on or after maturity, or the price or redemption is zero or negative.

Related functions

More ways Excel gets this done.