[ T - Z ]

Tax-deferred income
Dividends, interest, and realised/unrealised capital gains on investments in an account such as a qualified retirement plan, where returns are not subject to taxation until a withdrawal is made.

Volatility
The degree of fluctuation in the value of a security, mutual fund, or index, volatility is often expressed as a mathematical measure such as a standard deviation or beta. The greater a fund's volatility, the wider the fluctuations between its high and low prices.

Yield
A snapshot of interest and dividend income from a fund. The yield, expressed as a percentage of the fund's net asset value, is based on income earned over the past 30 days and is annualised for the coming year.

Yield to call
The rate of return an investor would receive if the securities held by a portfolio were held until their call dates. This yield is valid only if the securities are called prior to maturity.

Yield to maturity
The rate of return an investor would receive if the securities held by a portfolio were held to their maturity dates.

Yield to worst
The bond yield computed by using the lower of either the yield to maturity or the yield to call on every bond.