Bond Holding-Period Return Calculator
Separate coupons, capital change and reinvestment using actual settlement amounts.
Results
Review or adjust your inputs, then calculate to see your results and interpretation.
Understand this calculation
Accrued interest belongs to settlement cash, not an additional coupon. Add it to a clean price but never add it twice to a dirty price.
See calculation method and assumptions
Formula
Bond Holding-Period Return
Clean and dirty settlement
Holding-period total return
Effective annual terminal-wealth return
Actual amounts for the same holding, excluding fees/tax. Enter received coupons once and only incremental reinvestment earnings. Annualization is actual/365 terminal-wealth return, assuming coupons held to exit, not dated-cash-flow XIRR. Supply accrued interest from settlement records; this tool does not infer a day-count convention.
Variables, rates and periods
- Pdirty
- Dirty settlement amount for the same holding, not percent of par.
- C / RI
- Coupons received / incremental reinvestment earnings; original coupons counted once.
- days
- Actual settlement-day difference; effective annualization (1+HPR)^(365/days)−1.
Scope and assumptions
- Actual amounts for the same holding, excluding fees/tax.
- Enter received coupons once and only incremental reinvestment earnings.
- Annualization is actual/365 terminal-wealth return, assuming coupons held to exit, not dated-cash-flow XIRR.
- Supply accrued interest from settlement records;
- this tool does not infer a day-count convention.
Separate coupons, capital change and reinvestment using actual settlement amounts.
Worked example
- Buy clean 980 + accrued 10; sell 1,020 + accrued 15; coupons 50; reinvestment 1: gain 96 and HPR 9.697%.
- Change inputs and calculate again to compare assumptions.
Frequently asked questions
Is the result guaranteed?
Actual amounts for the same holding, excluding fees/tax. Enter received coupons once and only incremental reinvestment earnings. Annualization is actual/365 terminal-wealth return, assuming coupons held to exit, not dated-cash-flow XIRR. Supply accrued interest from settlement records; this tool does not infer a day-count convention.
Does the example represent actual markets?
No. All examples are hypothetical and contain no live market data.