{"slug":"sec-30-day-yield-vs-distribution-yield","qid":"tlt_yield_trace","label":"One bond fund, two distribution yields, month by month","post_title":"SEC 30-Day Yield vs Distribution Yield","post_url":"/blog/sec-30-day-yield-vs-distribution-yield#q-tlt_yield_trace","columns":["month","month_label","indicated_yield_pct","ttm_yield_pct"],"rows":[{"month":"2023-05","month_label":"May 2023","indicated_yield_pct":3.12,"ttm_yield_pct":3.04},{"month":"2023-06","month_label":"Jun 2023","indicated_yield_pct":3.18,"ttm_yield_pct":3.11},{"month":"2023-07","month_label":"Jul 2023","indicated_yield_pct":3.33,"ttm_yield_pct":3.27},{"month":"2023-08","month_label":"Aug 2023","indicated_yield_pct":3.42,"ttm_yield_pct":3.44},{"month":"2023-09","month_label":"Sep 2023","indicated_yield_pct":3.9,"ttm_yield_pct":3.83},{"month":"2023-10","month_label":"Oct 2023","indicated_yield_pct":4.02,"ttm_yield_pct":4.12},{"month":"2023-11","month_label":"Nov 2023","indicated_yield_pct":3.75,"ttm_yield_pct":3.81},{"month":"2023-12","month_label":"Dec 2023","indicated_yield_pct":7.27,"ttm_yield_pct":3.89},{"month":"2024-02","month_label":"Feb 2024","indicated_yield_pct":3.95,"ttm_yield_pct":3.88},{"month":"2024-03","month_label":"Mar 2024","indicated_yield_pct":3.74,"ttm_yield_pct":3.88},{"month":"2024-04","month_label":"Apr 2024","indicated_yield_pct":4.25,"ttm_yield_pct":4.23},{"month":"2024-05","month_label":"May 2024","indicated_yield_pct":4.08,"ttm_yield_pct":4.17},{"month":"2024-06","month_label":"Jun 2024","indicated_yield_pct":4.03,"ttm_yield_pct":4.16},{"month":"2024-07","month_label":"Jul 2024","indicated_yield_pct":3.68,"ttm_yield_pct":4.04},{"month":"2024-08","month_label":"Aug 2024","indicated_yield_pct":3.92,"ttm_yield_pct":4.01},{"month":"2024-09","month_label":"Sep 2024","indicated_yield_pct":3.83,"ttm_yield_pct":3.98},{"month":"2024-10","month_label":"Oct 2024","indicated_yield_pct":4.1,"ttm_yield_pct":4.26},{"month":"2024-11","month_label":"Nov 2024","indicated_yield_pct":3.97,"ttm_yield_pct":4.22},{"month":"2024-12","month_label":"Dec 2024","indicated_yield_pct":9.29,"ttm_yield_pct":4.99},{"month":"2025-02","month_label":"Feb 2025","indicated_yield_pct":4.05,"ttm_yield_pct":4.4},{"month":"2025-03","month_label":"Mar 2025","indicated_yield_pct":3.82,"ttm_yield_pct":4.45},{"month":"2025-04","month_label":"Apr 2025","indicated_yield_pct":4.37,"ttm_yield_pct":4.56},{"month":"2025-05","month_label":"May 2025","indicated_yield_pct":4.56,"ttm_yield_pct":4.74},{"month":"2025-06","month_label":"Jun 2025","indicated_yield_pct":4.34,"ttm_yield_pct":4.65},{"month":"2025-07","month_label":"Jul 2025","indicated_yield_pct":4.53,"ttm_yield_pct":4.74},{"month":"2025-08","month_label":"Aug 2025","indicated_yield_pct":4.58,"ttm_yield_pct":4.81},{"month":"2025-09","month_label":"Sep 2025","indicated_yield_pct":4.41,"ttm_yield_pct":4.67},{"month":"2025-10","month_label":"Oct 2025","indicated_yield_pct":4.13,"ttm_yield_pct":4.62},{"month":"2025-11","month_label":"Nov 2025","indicated_yield_pct":4.32,"ttm_yield_pct":4.64},{"month":"2025-12","month_label":"Dec 2025","indicated_yield_pct":9.13,"ttm_yield_pct":5.21},{"month":"2026-02","month_label":"Feb 2026","indicated_yield_pct":4.39,"ttm_yield_pct":4.62},{"month":"2026-03","month_label":"Mar 2026","indicated_yield_pct":4.16,"ttm_yield_pct":4.82},{"month":"2026-04","month_label":"Apr 2026","indicated_yield_pct":4.83,"ttm_yield_pct":4.95},{"month":"2026-05","month_label":"May 2026","indicated_yield_pct":4.41,"ttm_yield_pct":4.93},{"month":"2026-06","month_label":"Jun 2026","indicated_yield_pct":4.66,"ttm_yield_pct":4.9},{"month":"2026-07","month_label":"Jul 2026","indicated_yield_pct":4.64,"ttm_yield_pct":5.15},{"month":"2026-08","month_label":"Aug 2026","indicated_yield_pct":4.82,"ttm_yield_pct":5.14}],"shape":"series","sql":"WITH\n    monthly_px AS\n    (\n        SELECT\n            toStartOfMonth(date)           AS m,\n            argMax(toFloat64(close), date) AS px\n        FROM global_markets.stocks_daily_aggs\n        WHERE ticker = 'TLT'\n          AND date >= today() - 1600\n        GROUP BY m\n    ),\n    monthly_cash AS\n    (\n        SELECT\n            toStartOfMonth(exd) AS m,\n            sum(cash)           AS cash\n        FROM\n        (\n            SELECT\n                any(ex_dividend_date)       AS exd,\n                any(toFloat64(cash_amount)) AS cash\n            FROM global_markets.stocks_dividends\n            WHERE ticker = 'TLT'\n              AND ex_dividend_date >= today() - 1600\n              AND ex_dividend_date <= today()\n            GROUP BY id\n        )\n        GROUP BY m\n    ),\n    joined AS\n    (\n        SELECT\n            p.m    AS m,\n            p.px   AS px,\n            c.cash AS cash\n        FROM monthly_px AS p\n        INNER JOIN monthly_cash AS c ON c.m = p.m\n    ),\n    rolled AS\n    (\n        SELECT\n            m,\n            px,\n            cash,\n            sum(cash) OVER (ORDER BY m ASC ROWS BETWEEN 11 PRECEDING AND CURRENT ROW) AS ttm_cash,\n            count()   OVER (ORDER BY m ASC ROWS BETWEEN 11 PRECEDING AND CURRENT ROW) AS months_counted\n        FROM joined\n    )\nSELECT\n    formatDateTime(m, '%Y-%m')        AS month,\n    formatDateTime(m, '%b %Y')        AS month_label,\n    round((100 * 12 * cash) / px, 2)  AS indicated_yield_pct,\n    round((100 * ttm_cash) / px, 2)   AS ttm_yield_pct\nFROM rolled\nWHERE months_counted = 12\nORDER BY m ASC","computed_at":"2026-08-22T04:18:55.882280+00:00","elapsed":0.078688019}