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KYD indices

KYD indices are bond, repo, deposit, gold and eurobond return indices calculated by the Turkish Institutional Investment Managers’ Association and used as fund benchmarks. KYD (the Institutional Investment Managers’ Association) publishes standard indices measuring the performance of fixed-income and money market instruments in Türkiye.
Contents
  1. 1.Key points
  2. 2.Formula / calculation
  3. 3.Interpretation
  4. 4.Pitfalls
  5. 5.Frequently asked questions

Key points

  • The best known are the KYD government bond indices (30, 91, 182, 365, 547, 730 days and All), KYD O/N Repo (gross/net), KYD 1-Month Deposit, KYD Corporate Bond, KYD Gold and KYD Eurobond indices.
  • The returns of bond and money market funds are compared with KYD indices to measure manager success.
  • the indices exclude transaction costs and tax.

Formula / calculation

each index accumulates the daily price and interest return of its asset group as a total return; government bond indices form baskets by maturity bucket. Index values are published every business day.

Interpretation

The returns of bond and money market funds are compared with KYD indices to measure manager success. Investors comparing deposits with funds can use the KYD 1-Month Deposit index as a reference.

Pitfalls

the indices exclude transaction costs and tax. Comparing against an index with a different maturity bucket misleads (such as a long bond fund against a short index). Index methodology can be updated.

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Frequently asked questions

KYD indices are bond, repo, deposit, gold and eurobond return indices calculated by the Turkish Institutional Investment Managers’ Association and used as fund benchmarks.

each index accumulates the daily price and interest return of its asset group as a total return; government bond indices form baskets by maturity bucket. Index values are published every business day.

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