Normally, a ratio of bond yield to earnings yield of 1.0 is considered cheap.
At one time analysts liked to do this by quoting the yield gap (though this became inverted when dividend yields fell below bond yields in the 1950s) or the yield ratio, both of which relate share to bond yields.
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If you fear rising interest rates and prefer to keep your bond maturities short, the ratio of muni to Treasury yield is actually highest at the short end (140%-261% for one- to five- year triple-AAA paper).
The expense ratio for leading NTF bond funds at these shops averages 0.66%, while the average cost of bond funds on the Forbes Best Buy list is 0.37%.
The average expense ratio for an actively managed bond fund is 0.75 percent, according to Morningstar.
Hedge funds which bet that Japan's deteriorating debt-to-GDP ratio would eventually cause its bond yields to soar as the price of bonds dropped have been repeatedly disappointed.
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The bid-to-cover ratio on the five-year bond was 1.61, compared with 1.3 at the previous sale.
If the bond market collapses suddenly, as in 1931, then this ratio will spike higher.
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The four iShares index funds (see table below), issued by the Global Investors unit of Barclays (nyse: BCS - news - people ), sport a rock-bottom expense ratio of 0.15 versus open-end bond fund averages of around 1.00 and the 0.20 charged by low-cost leader Vanguard.
The fund's shares for individual investors charge an expense ratio of 1.3%, steep for a bond fund.
Yet, the debt-to-GDP ratio is a nominal figure and indeed refers specifically to the nominal stock of bond contracts the Federal Government has entered into.
Bid-to-cover ratio was 1.5 compared to 1.8 last month for a similar bond.
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