Answer:
The term yield can mean many things in different situations. Its computation is different for bonds and different for stocks. Even with bonds only, there are two different types: current yield and yield to maturity (or to call). It is also frequently used as a substitute for the term Total Return. Assuming however that you are interested in evaluating a performance of a portfolio of different assets (stocks, options, bonds, etc.), Yield would most probably refer to Internal Rate of Return, and Total Return to Time Weighted Rate of Return. IRR takes into account effects created by inflows or outflows of money, while TWRR eliminates those effects. Thus, if your money manager or broker shows you a comparison of your portfolio's performance to market indices, he or she definitely shows you TWRR compared to an index's total return. If you can get hold of annualized IRR of your portfolio of assets, and probably not many mangers will be willing to provide you with this information (this cannot be compared to Dow Jones Industrial Average or other market indices), you can compare this with different available to you investment, e.g., what rate you would get if investing in your bank's CDs. Computation of both is quite complicated and usually involves special computer software. The interpretation of, for example, 5% annual TWR is simple - every dollar invested a year ago will bring you 25 cents. 5% of annual IRR shows you at what rate your every dollar was invested independently from when it was added to your account. It is similar to a bank's APR shown for your checking account.