Rolldown Return and Pull to the Par

Probably a stupid question, but what’s the difference between rolldown return and pull to the par?
I mean aren’t all the bonds pulling the par and generating the rolldown return?

Pull to par assumes that the bond’s YTM remains unchanged.

Rolldown return assumes that the yield curve remains unchanged; if the yield curve is not flat, then the new YTM on the bond will be different than the old YTM after some time has passed.

Rolldown return assumes unchanged yield curve.

Pulled to par= not return per say. Just characteristic of premium or discount bond. I mean at the end you will only get principal irrespective of price you bought.

so they are not the same thing? I mean if they are being pulled to par regardless, doesn’t it mean we are rolling down to get to the par?


I think Pull to par return → just change N in the calculator; Rolldown return → change both N and I/Y.
Is this right?