The yield to maturity (YTM) is total return on bonds if held till maturity date. YTM is different from the yield on the bonds. For instance, suppose a company issues bonds with a 10 percent annual coupon rate, Rs 5,000 face value and maturity of 15 years. Now, if interest rates rise and yield goes to 11 percent, then price of that bonds falls, which will ultimately change the yield to maturity of the bond. Bond prices and yields are inversely related. In other words, yield-to-maturity is the total interest earned from the bond if held till maturity.