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YIELD function in Google Sheets

Calculates the annual yield of a security paying periodic interest, such as a US Treasury Bond, based on price.

=YIELD(settlement, maturity, rate, price, redemption, frequency, [day_count_convention])

YIELD syntax and parameters

Seven arguments, six required.

  • settlementanyRequired

    The settlement date of the security, the date after issuance when the security is delivered to the buyer.

  • maturityanyRequired

    The maturity or end date of the security, when it can be redeemed at face, or par value.

  • ratenumberRequired

    The annualized rate of interest.

  • pricenumberRequired

    The price at which the security is bought per 100 face value.

  • redemptionnumberRequired

    The redemption amount per 100 face value, or par.

  • frequencynumberRequired

    The number of interest or coupon payments per year (1, 2, or 4).

  • day_count_conventionnumberOptional

    [ OPTIONAL - 0 by default ] - An indicator of what day count method to use. 0 indicates US (NASD) 30/360 - This assumes 30 day months and 360 day years as per the National Association of Securities Dealers standard, and performs specific adjustments to entered dates which fall at the end of months. 1 indicates Actual/Actual - This calculates based upon the actual number of days between the specified dates, and the actual number of days in the intervening years. Used for US Treasury Bonds and Bills, but also the most relevant for non-financial use. 2 indicates Actual/360 - This calculates based on the actual number of days between the specified dates, but assumes a 360 day year. 3 indicates Actual/365 - This calculates based on the actual number of days between the specified dates, but assumes a 365 day year. 4 indicates European 30/360 - Similar to 0, this calculates based on a 30 day month and 360 day year, but adjusts end-of-month dates according to European financial conventions.

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 Excel

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 Google Sheets gets this done.