 Rather, it's the total return calculation. Although the word yield is in the phrase yield to maturity, the figure also includes the future gain or a loss in the bond's value to bring it back to par. So you can experience capital gains on bonds and capital losses. It does happen. Usually they're supposed to be small, but we go through time periods like we just did in 2022 where we had big capital gain losses on bonds because interest rates went up so quickly.