Growth Investing Stock Market Glossary
From A for ‘Asset’ to Z for the ‘Zero-Coupon Yield Curve’ — your comprehensive guide to everything that matters in the markets.
Y-Axis Scaling (Charting)
Adjustment of the price axis for better comparability of price developments.
Y-Intercept (Regression Analysis)
Intercept of a regression line as the estimated value at x=0.
Yankee Bond
In US-Dollar denominierte Anleihe eines ausländischen Emittenten am US-Markt.
Translated:
Bond denominated in US dollars issued by a foreign issuer on the US market.
Yankee Certificate Of Deposit (Yankee-CD)
In the USA issued large-denomination deposit in USD by a foreign bank.
Yardeni model
Approach that compares the earnings yield of stocks with long-term bond interest rates.
Year-end rally
Frequent observed strength in stock prices at the end of the year.
Year-End-Effect
Seasonality patterns around the turn of the year with altered flows and price patterns.
Year-on-Year Comparison (YoY)
Comparison of a key figure with the same period of the previous year.
Year-To-Date (YTD)
Period from the beginning of the year to the current date for performance and key figure data.
Yen (JPY)
Currency of Japan and significant trade and reserve currency.
Yen-Carry-Trade
Financing long-term investments by taking out favorable yen loans with exchange rate risk.
Yield
Change in value solely from price movements without distributions.
YIELD (Rendite)
Running or effective yield of a financial instrument relative to the capital employed.
Yield curve
Graphical representation of the yield curve over maturities.
Yield Curve
Presentation of returns over various maturities of an issuer or market.
Yield Curve (Renditekurve)
Interest rate structure across different maturities of an issuer or market.
Yield Curve Control (YCC)
Central bank policy to control certain yield levels along the curve.
Yield Flattener
Positioning or trade on a flattening yield curve.
Yield Gap
Distance between stock earnings yield or dividend yield and bond yields.
Yield Maintenance
Prepayment penalty that secures the investor the originally expected coupon flow.
Yield Pickup
Additional return through exchanging into a higher-yielding, risk-appropriate instrument.
Yield Spread
The yield difference between two bonds or segments as a measure of risk.
Yield Steepener
Positioning or trading on a steepening yield curve.
Yield To Call (YTC)
Effective yield of a callable bond until the earliest possible call date.
Yield to Maturity (YTM)
Effective yield of a bond when held to maturity and reinvestment of coupons.
Yield To Maturity (YTM)
Effective yield of a bond when held to maturity including coupon reinvestment at YTM.
Yield To Put (YTP)
Effective yield of a bond until the next possible redemption date.
Yield To Worst (YTW)
Lowest possible return among all relevant call/put scenarios.
Yield Trap
Deceptively high return metric based on falling prices or unsustainable distributions.
YieldCo
Listed vehicle with ongoing, contractually secured cash flows and high distribution.
YOC (Yield On Cost)
Current dividend per share in relation to the original purchase price.
YTD-Performance
Since the beginning of the year, return on an investment or portfolio.
YTM-Spread
Difference between YTM of a bond and a reference such as government bonds of the same term.
YTW-Constraint
Portfolio restriction based on the worst-case return of callable bonds.
Yuan (CNY/RMB)
Chinese currency as a significant trading and reserve currency bloc.
Yule-Walker estimator (time series)
Procedure for parameter estimation of autoregressive models in financial econometrics.
Yupcap
Investor who saves and invests above average in early years; occasionally used in market research.
