1, yield to maturity: yield to maturity is yield to maturity, also known as the final rate of return, which means that all coupon and principal income are discounted to the current moment under the assumption that the investment interest rate remains unchanged at YTM, so that the present value is exactly equal to the discount rate of the current market price (initial investment amount).

2. coupon rate: coupon rate refers to coupon rate and coupon rate, and refers to the fixed interest rate printed on the face of bonds, usually the ratio of annual interest income to the face value of bonds, also known as nominal rate of return and coupon rate.

Second, the calculation method is different.

1, yield to maturity: First of all, it is necessary to determine the days of accrued interest and interest payment cycle during the bond holding period. From the perspective of international financial market, there are three standards for calculating the days of accrued interest and the days of interest payment cycle: actual days/actual days method, actual days /365 method and 30/360 method.

2. coupon rate:? The coupon rate can be fixed (that is, the coupon rate is fixed during the whole duration of bonds, such as Exchange Fund bonds), floating (that is, the coupon rate is set periodically by a reference interest rate, such as the Hong Kong Interbank Offered Rate or the London Interbank Offered Rate plus a certain margin) or zero.

Third, the calculation formula is different.

1, yield to maturity: yield to maturity = (recovered amount-purchase price+total interest)/(purchase price × expiration time) × 100%.

2. coupon rate: annual interest income/face value × 100%.

Reference link: Baidu Encyclopedia-yield to maturity

Resource link: Baidu Encyclopedia-Nominal rate of return