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Yield

As explained in Build a Robo-Advisor with Python (From Scratch)

The income rate or implied return generated by a debt security, commonly expressed as a percentage of its value or face amount.

Yield measures the income rate or implied return associated with a debt security. Changes in Treasury yields can materially inflate or depress historical bond returns, so past performance may not be repeatable. section 3.1.3

Corporate bond adjustment

A corporate bond index produced raw average returns of about 9.7% and excess returns of about 6.4%; removing yield-change effects reduced the estimated annual return to about 4.3%.

How Build a Robo-Advisor with Python (From Scratch) covers it

How deep it goes
Explains yield trends, total-return data, monthly transformations, and regression implementation, but does not derive bond-pricing theory.
Examples
Uses 10-year Treasury yields and a long-maturity investment-grade corporate bond total-return index.
What it assumes
Assumes familiarity with bond returns, risk-free rates, time-series alignment, and ordinary least-squares regression.
What you can do after
Diagnose historical bond returns with FRED data and estimate returns after removing yield-change effects.
How it connects
Connects yield with bonds, Treasury securities, total return, risk-free rates, excess returns, and regression.
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