Equivalent Yield The annualized yield-to-maturity on fixed-income security sold on a discount basis.

约当收益率折价发行的固定收益债券的到期收益率转换成的年度收益率。

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Many fund companies, including Vanguard Group, offer online tax-equivalent yield calculators.

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So what about the tax equivalent yield?

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For instance, while 10-year Treasuries currently yield 2%, you can find triple-A rated 10-year munis that yield 2.5%, which is a 3.85% tax equivalent yield for taxpayers in the 35% bracket and 3.47% for those in the 28% bracket.

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