{"id":6009,"date":"2019-09-06T12:00:00","date_gmt":"2019-09-06T12:00:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=6009"},"modified":"2026-03-25T16:45:04","modified_gmt":"2026-03-25T16:45:04","slug":"compare-calculate-and-interpret-yield-spread-measures","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/","title":{"rendered":"Compare, Calculate, and Interpret Yield Spread Measures"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\",\n  \"contentUrl\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\",\n  \"caption\": \"Factors Affecting Bond Yields\",\n  \"width\": 974,\n  \"height\": 483,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Introduction to Fixed Income Valuation (2025 Level I CFA\u00ae Exam \u2013 Fixed Income \u2013 Module 3)\",\n  \"description\": \"Master the fundamentals of fixed income valuation! Learn how to calculate bond prices, interpret yield measures, understand spot and forward rates, and analyze yield curves. Dive into concepts like matrix pricing, yield spreads, and annual yield calculations for comprehensive fixed income insights.\",\n  \"uploadDate\": \"2022-05-21T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/lEbeibhvCzM\/default.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/lEbeibhvCzM\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/lEbeibhvCzM\",\n  \"duration\": \"PT56M17S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What is the G-spread for the corporate bond?\",\n    \"text\": \"A 10% annual coupon corporate bond maturing in two years is trading at a price of 100.750. The two-year, 8% annual payment government benchmark bond is trading at a price of 100.950. The one-year and two-year government spot rates are 2.4% and 3.5%, respectively, stated as effective annual rates. What is the G-spread?\",\n    \"answerCount\": 1,\n    \"upvoteCount\": 0,\n    \"dateCreated\": \"2025-07-01T00:00:00+00:00\",\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The G-spread is 210 basis points. The yield-to-maturity of the corporate bond is 9.57%, while the yield-to-maturity of the government benchmark bond is 7.47%. The difference between these yields is 2.10%, or 210 basis points.\",\n      \"dateCreated\": \"2025-07-01T00:00:00+00:00\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n\n\n\n<p>\n<\/p>\n<p><iframe loading=\"lazy\" \n  width=\"611\" \n  height=\"344\" \n  src=\"https:\/\/www.youtube.com\/embed\/lEbeibhvCzM\" \n  title=\"YouTube video player\" \n  frameborder=\"0\" \n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" \n  referrerpolicy=\"strict-origin-when-cross-origin\" \n  allowfullscreen>\n<\/iframe>\n<\/p>\n<p><strong><em>Yield spread<\/em> <\/strong>(measured in basis points) is the difference between any two bond issues and is computed as follows:<\/p>\n<p>\n \n<\/p>\n<p class=\"has-text-align-center\"><em>Yield spread = Yield on Bond 1 \u2013 Yield on Bond 2<\/em><\/p>\n<p>\n \n<\/p>\n<p>When the second bond is a benchmark (i.e. Treasury), the yield spread is referred to as the <strong><em>absolute yield spread<\/em>. <\/strong><\/p>\n<p>\n \n<\/p>\n<h3><strong>What Causes Spread?<\/strong><\/h3>\n<p>\n \n<\/p>\n<p>Spread can be attributed to macroeconomic factors affecting the bond issuer as well as the bond itself. These include factors such as credit risk, liquidity, and taxation. The benchmark (risk-free rate) considers the expected rate of inflation, exchange rates, the impact of fiscal\/monetary policies, and general economic growth.<\/p>\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"483\" class=\"wp-image-16868\" style=\"max-width: 100%;\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\" alt=\"Factors-Affecting-Bond-Yields\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields-300x149.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields-768x381.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields-400x198.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/figure>\n<h2><strong>Types of Spread<\/strong><\/h2>\n<p>\n \n<\/p>\n<h3><strong>G-spread<\/strong><\/h3>\n<p>\n \n<\/p>\n<p>G-spread (nominal spread) is the difference between the yield on Treasury Bonds and the yield on corporate bonds of the same maturity.<\/p>\n<p>\n \n<\/p>\n<p class=\"has-text-align-center\"><em>G-spread = Y<\/em><sub><em>c<\/em><\/sub><em> &#8211; Y<\/em><sub><em>g<\/em><\/sub><\/p>\n<p>\n \n<\/p>\n<p>Where:<\/p>\n<p>\n \n<\/p>\n<p>&nbsp;Y<sub>c<\/sub>&nbsp; = yield on the non-treasury bond; and<\/p>\n<p>\n \n<\/p>\n<p>Y<sub>g<\/sub> = yield on the government bond of the same maturity.<\/p>\n<p>\n \n<\/p>\n<div style=\"text-align:center; background:#f3f5f9; padding:26px 16px; margin:24px 0;\">\n  <div style=\"max-width:720px; margin:0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display:block; width:100%; padding:14px 20px; border:2px solid #2f6fdd; border-radius:999px; color:#2f6fdd; text-decoration:none; font-size:16px; font-weight:500; line-height:1.2; text-align:center;\">\n      Practice yield spread calculations with a Free Trial for CFA Level I.\n    <\/a>\n  <\/div>\n<\/div>\n<h3><strong>I-spread<\/strong><\/h3>\n<p>\n \n<\/p>\n<p>The I-spread stands for interpolated spread. It represents the difference between the yield on a bond and the swap rate (the interest rate applicable to the fixed leg in the floating-for-fixed interest rate swap, say, LIBOR). A higher I-spread means that a bond has a higher credit risk.<\/p>\n<p>\n \n<\/p>\n<h3><strong>Z-spread<\/strong><\/h3>\n<p>\n \n<\/p>\n<p>The zero-volatility spread (Z-spread) is the constant spread that makes the price of a security equal to the present value of its cash flows when added to the yield at each point on the&nbsp;spot rate Treasury curve. It is the spread that must be added to each spot interest rate to equate the present value of the bond cash flows to the&nbsp;bond\u2019s price.<\/p>\n<p>\n \n<\/p>\n<p>Z-spread can be calculated using the following equation:<\/p>\n<p>\n<\/p>\n<p>$$P=\\frac { { CF }{ 1 } }{ { \\left( 1+{ s }{ 1 }+Z \\right) }^{ 1 } }+\\frac { { CF }_{ 2 } }{ { \\left( 1+{ s }_{ 2 }+Z \\right) }^{ 2 } } +&#8230;+\\frac { { CF }_{ n } }{ { \\left( 1+{ s }_{ n }+Z \\right) }^{ n } } $$<\/p>\n<p>\n<\/p>\n<p>Where:<\/p>\n<p>\n \n<\/p>\n<p>&nbsp;P is the price of the bond;<\/p>\n<p>\n \n<\/p>\n<p>CF<sub>1<\/sub>, CF<sub>2<\/sub>,&nbsp;and CF<sub>n<\/sub>&nbsp;are the first, second and <em>n<\/em>th cash flows;<\/p>\n<p>\n \n<\/p>\n<p>S<sub>i<\/sub> is the ith spot interest rate;&nbsp;and<\/p>\n<p>\n \n<\/p>\n<p>Z is the zero-volatility spread.<\/p>\n<p>\n \n<\/p>\n<h3><strong>Option-Adjusted Spread (OAS)<\/strong><\/h3>\n<p>\n \n<\/p>\n<p>Option-adjusted spread equals zero-volatility spread minus the value of a call option, stated in basis points. It is appropriate when measuring the yield for callable bonds.<\/p>\n<p>\n \n<\/p>\n<p class=\"has-text-align-center\"><em>OAS = Z-spread \u2013 Option value<\/em><\/p>\n<p>\n \n<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n \n<p>A 10% annual coupon corporate bond maturing in two years is trading at a price of 100.750. The two-year, 8% annual payment government benchmark bond is trading at a price of 100.950. The one-year and two-year government spot rates are 2.4% and 3.5%, respectively, stated as effective annual rates.<\/p>\n \n<p>The G-spread is <em>closest to<\/em>:<\/p>\n \n<ol style=\"list-style-type: upper-alpha;\">\n<li>190 bps\n \n<\/li>\n<li>&nbsp;200 bps\n \n<\/li>\n<li>&nbsp;210 bps<\/li>\n<\/ol>\n \n<p><strong>Solution<\/strong><\/p>\n \n<p>The correct answer is <strong>C<\/strong>.<\/p>\n \n<p>The yield-to-maturity for the corporate bond is 9.57%.<\/p>\n<p>$$100.75=\\frac { 10 }{ \\left( 1+r \\right) } +\\frac { 110 }{ { \\left( 1+r \\right) }^{ 2 } } , \\quad r=0.0957$$<\/p>\n<p>The yield-to-maturity for the benchmark bond is 7.47%.<\/p>\n<p>$$100.95=\\frac { 8 }{ \\left( 1+r \\right) } +\\frac { 108 }{ { \\left( 1+r \\right) }^{ 2 } } , \\quad r=0.0747$$<\/p>\n<p>The G-spread is 210 bps: 0.0957 \u2013 0.0747 = 0.021<\/p>\n<\/blockquote>\n<p>\n<\/p>\n\n\n\n<div style=\"text-align:center; background:#f3f5f9; padding:48px 20px 28px; margin:40px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"display:inline-block; background:#4274d8; color:#ffffff; text-decoration:none; padding:18px 42px; border-radius:999px; font-size:17px; font-weight:700; line-height:1;\">\n    Start Free Trial\n  <\/a>\n\n  <p style=\"max-width:720px; margin:18px auto 0; font-size:17px; line-height:1.5; color:#1f2937;\">\n    Strengthen your understanding of yield spreads, credit analysis, and fixed-income valuation with exam-style questions built for CFA Level I preparation.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Yield spread (measured in basis points) is the difference between any two bond issues and is computed as follows: Yield spread = Yield on Bond 1 \u2013 Yield on Bond 2 When the second bond is a benchmark (i.e. Treasury),&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-6009","post","type-post","status-publish","format-standard","hentry","category-fixed-income","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Yield Spread Measures Explained | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Compare, calculate, and interpret yield spread measures, including G-spread, Z-spread, and I-spread, to analyze bond market performance effectively.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yield Spread Measures Explained | CFA Level 1\" \/>\n<meta property=\"og:description\" content=\"Compare, calculate, and interpret yield spread measures, including G-spread, Z-spread, and I-spread, to analyze bond market performance effectively.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\" \/>\n<meta property=\"og:site_name\" content=\"AnalystPrep | CFA\u00ae Exam Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-06T12:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-25T16:45:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\" \/>\n\t<meta property=\"og:image:width\" content=\"974\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Simon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Simon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\"},\"author\":{\"name\":\"Simon\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\"},\"headline\":\"Compare, Calculate, and Interpret Yield Spread Measures\",\"datePublished\":\"2019-09-06T12:00:00+00:00\",\"dateModified\":\"2026-03-25T16:45:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\"},\"wordCount\":510,\"image\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\",\"articleSection\":[\"Fixed Income\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\",\"name\":\"Yield Spread Measures Explained | CFA Level 1\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\",\"datePublished\":\"2019-09-06T12:00:00+00:00\",\"dateModified\":\"2026-03-25T16:45:04+00:00\",\"author\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\"},\"description\":\"Compare, calculate, and interpret yield spread measures, including G-spread, Z-spread, and I-spread, to analyze bond market performance effectively.\",\"breadcrumb\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\",\"contentUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png\",\"width\":974,\"height\":483,\"caption\":\"Factors-Affecting-Bond-Yields\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Compare, Calculate, and Interpret Yield Spread Measures\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\",\"name\":\"AnalystPrep | CFA\u00ae Exam Study Notes\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\",\"name\":\"Simon\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png\",\"contentUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png\",\"caption\":\"Simon\"},\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/analystprep\/\"}]}<\/script>\n<meta property=\"og:video\" content=\"https:\/\/www.youtube.com\/embed\/lEbeibhvCzM\" \/>\n<meta property=\"og:video:type\" content=\"text\/html\" \/>\n<meta property=\"og:video:duration\" content=\"3378\" \/>\n<meta property=\"og:video:width\" content=\"480\" \/>\n<meta property=\"og:video:height\" content=\"270\" \/>\n<meta property=\"ya:ovs:adult\" content=\"false\" \/>\n<meta property=\"ya:ovs:upload_date\" content=\"2019-09-06T12:00:00+00:00\" \/>\n<meta property=\"ya:ovs:allow_embed\" content=\"true\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Yield Spread Measures Explained | CFA Level 1","description":"Compare, calculate, and interpret yield spread measures, including G-spread, Z-spread, and I-spread, to analyze bond market performance effectively.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/","og_locale":"en_US","og_type":"article","og_title":"Yield Spread Measures Explained | CFA Level 1","og_description":"Compare, calculate, and interpret yield spread measures, including G-spread, Z-spread, and I-spread, to analyze bond market performance effectively.","og_url":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/","og_site_name":"AnalystPrep | CFA\u00ae Exam Study Notes","article_published_time":"2019-09-06T12:00:00+00:00","article_modified_time":"2026-03-25T16:45:04+00:00","og_image":[{"width":974,"height":483,"url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png","type":"image\/png"}],"author":"Simon","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Simon","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/"},"author":{"name":"Simon","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687"},"headline":"Compare, Calculate, and Interpret Yield Spread Measures","datePublished":"2019-09-06T12:00:00+00:00","dateModified":"2026-03-25T16:45:04+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/"},"wordCount":510,"image":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage"},"thumbnailUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png","articleSection":["Fixed Income"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/","name":"Yield Spread Measures Explained | CFA Level 1","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website"},"primaryImageOfPage":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage"},"image":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage"},"thumbnailUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png","datePublished":"2019-09-06T12:00:00+00:00","dateModified":"2026-03-25T16:45:04+00:00","author":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687"},"description":"Compare, calculate, and interpret yield spread measures, including G-spread, Z-spread, and I-spread, to analyze bond market performance effectively.","breadcrumb":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#primaryimage","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png","contentUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Factors-Affecting-Bond-Yields.png","width":974,"height":483,"caption":"Factors-Affecting-Bond-Yields"},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/compare-calculate-and-interpret-yield-spread-measures\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/cfa-level-1-exam\/"},{"@type":"ListItem","position":2,"name":"Compare, Calculate, and Interpret Yield Spread Measures"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/","name":"AnalystPrep | CFA\u00ae Exam Study Notes","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687","name":"Simon","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png","contentUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png","caption":"Simon"},"url":"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/analystprep\/"}]},"og_video":"https:\/\/www.youtube.com\/embed\/lEbeibhvCzM","og_video_type":"text\/html","og_video_duration":"3378","og_video_width":"480","og_video_height":"270","ya_ovs_adult":"false","ya_ovs_upload_date":"2019-09-06T12:00:00+00:00","ya_ovs_allow_embed":"true"},"_links":{"self":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/6009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/comments?post=6009"}],"version-history":[{"count":43,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/6009\/revisions"}],"predecessor-version":[{"id":59950,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/6009\/revisions\/59950"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/media?parent=6009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/categories?post=6009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/tags?post=6009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}