Highest Dividend Yield Stocks - Complete Rankings
US-listed companies ranked by forward dividend yield, the latest declared payment annualized over the current price. The board admits companies above $100 million in market capitalization on NYSE, Nasdaq and NYSE American with a recent or scheduled payment.
Filter by sector, or find a symbol
What these columns measure
- Dividend Yield
- The latest declared dividend annualized by the company's payment frequency, divided by the current price. It states what that declaration is worth over a year at today's price rather than what the company has actually paid over the past one. The price is the denominator, so the figure moves when the price moves and nothing about the payment has to change for it to rise: a company whose shares have halved shows twice the yield on the same dividend, which is why the largest figures on this board are worth reading beside the price column. A "special" marker means a special dividend was also recorded for the company in the past twelve months, not that the ranked yield comes from it; a "Last dividend" badge means the last recorded ex date is over six months old, so the payment may since have been reduced or discontinued while the yield still reflects it.
- Frequency
- How often the company has been paying. The yield is annualized on this cadence, so an irregular payer's yield is the least reliable figure on the board.
- Dividend
- The per-share amount of that most recently declared payment, as the source reports it.
- Ex Date
- Ex Date and Pay Date describe the most recently declared dividend, as the source reports them, so a row can carry a date still ahead of today or one already past and neither is stale. The day the most recently declared dividend goes ex, after which a purchase no longer carries entitlement to it. A date still ahead means the payment is announced and has not gone ex yet; a date already past means that was the latest declaration.
- Pay Date
- The day that same declared dividend is paid. Both dates are exchange calendar days and read identically wherever you are.
- 52W Price Change
- The share price change from the split-adjusted close a year ago to the latest close. It is context for the yield and says nothing about why the price moved. A dash means one of the two closes is missing, the ticker belonged to another company a year ago, or a spin-off inside the year breaks the price series.
- Why a company may be missing
- A forward yield is stated only when a twelve-month measure comes within a factor of 2 of it either way: the sum of what the company actually paid over the last twelve months, or a second data source's yield. A declaration the feed recorded wrongly, or a payout too variable to annualize, fails both, and the row is left off rather than shown with a figure nothing else supports. A company with neither twelve-month figure is listed on its declared figure alone. A company is also left off when no price has been recorded for it in the last 10 days, since a yield worked out over a price that old would not describe the stock as it trades now, and it comes back at the next daily rebuild once a new price arrives. A company that has announced its own liquidation is left off too, since its regular dividend will not continue.
- Why funds lead the list
- The highest yields belong mostly to closed-end funds, business development companies and mortgage REITs, whose distributions can include a return of the investor's own capital rather than earnings. A high yield here says what the payout is worth at today's price, not that the business behind it is healthy.
- Why a cell shows a dash
- A dash is a value the source did not supply, never a zero. Under Frequency it means no recognizable payment pattern for the symbol, which makes the annualization behind its yield an assumption rather than an observed cadence; under Country or Sector it means the value is not recorded for the company.
Swipe or scroll the table sideways for more columns.
Rank
Symbol
Company Name
Dividend Yield
Frequency
Dividend
Ex Date
Pay Date
Market Cap
Price
52W Price Change
Country
Sector
101
13.50%
Monthly
$0.11
10/14/2026
10/30/2026
$1.12B
$9.78
-17.05%
United States
Financial Services
102
13.35%
trailing vs forward
- Forward
- 13.35%
- Trailing
- 13.31%
Monthly
$0.1188
10/13/2026
11/02/2026
$2.37B
$10.68
-22.89%
United States
Financial Services
103
13.33%
trailing vs forward
- Forward
- 13.33%
- Trailing
- 12.92%
Quarterly
$0.09
09/10/2026
10/08/2026
$1.61B
$2.70
—
United States
Real Estate
104
13.31%
Monthly
$0.1237
12/11/2026
12/22/2026
$636.25M
$11.15
-15.85%
United States
Financial Services
105
13.30%
trailing vs forward
- Forward
- 13.30%
- Trailing
- 13.41%
- Payout
- 96.89% of earnings
Monthly
$0.13
10/30/2026
11/30/2026
$1.51B
$11.73
-11.94%
United States
Real Estate
106
13.26%
trailing vs forward
- Forward
- 13.26%
- Trailing
- 14.00%
Monthly
$0.0495
10/15/2026
11/02/2026
$662.22M
$4.48
-12.16%
United States
Financial Services
107
13.24%
trailing vs forward
- Forward
- 13.24%
- Trailing
- 12.56%
Quarterly
$0.79
10/05/2026
10/15/2026
$3.96B
$23.86
-26.38%
United States
Real Estate
108
13.23%
trailing vs forward
- Forward
- 13.23%
- Trailing
- 13.21%
Monthly
$0.0355
11/20/2026
11/30/2026
$306.22M
$3.22
-16.36%
United States
Financial Services
109
13.21%
Monthly
$0.1371
10/21/2026
10/30/2026
$1.78B
$12.45
—
United States
Financial Services
110
13.21%special
trailing vs forward
- Forward
- 13.21%
- Trailing
- 3.33%
Quarterly
$0.3375
06/01/2027
06/15/2027
$304.82M
$10.22
—
United States
Energy
111
13.20%
trailing vs forward
- Forward
- 13.20%
- Trailing
- 12.88%
Quarterly
$0.77
09/30/2026
10/23/2026
$5.44B
$23.33
-12.95%
United States
Financial Services
112
13.16%
Monthly
$0.1279
10/13/2026
11/02/2026
$1.69B
$11.66
-16.24%
United States
Financial Services
113
13.15%
trailing vs forward
- Forward
- 13.15%
- Trailing
- 14.17%
- Payout
- 81.36% of earnings
Monthly
$0.11
10/23/2026
10/30/2026
$309.79M
$10.04
-14.84%
United Kingdom
Financial Services
114
13.11%
trailing vs forward
- Forward
- 13.11%
- Trailing
- 13.66%
Monthly
$0.078
10/15/2026
11/02/2026
$1.15B
$7.14
-9.39%
United States
Financial Services
115
13.03%
trailing vs forward
- Forward
- 13.03%
- Trailing
- 12.74%
- Payout
- 43.23% of earnings
Monthly
$0.1172
10/15/2026
10/30/2026
$476.36M
$10.79
-15.37%
United States
Financial Services
116
13.02%
trailing vs forward
- Forward
- 13.02%
- Trailing
- 11.02%
- Payout
- 50.34% of earnings
Quarterly
$0.66
08/24/2026
09/30/2026
$1.16B
$20.27
+6.74%
United States
Financial Services
117
13.02%
trailing vs forward
- Forward
- 13.02%
- Trailing
- 12.28%
- Payout
- 46.65% of earnings
Monthly
$0.12
10/23/2026
10/30/2026
$289.49M
$11.06
-9.86%
United Kingdom
Financial Services
118
12.82%
trailing vs forward
- Forward
- 12.82%
- Trailing
- 17.76%
Quarterly
$0.20
09/30/2026
10/13/2026
$518.20M
$6.24
-42.38%
United States
Real Estate
119
12.81%
trailing vs forward
- Forward
- 12.81%
- Trailing
- 12.65%
- Payout
- 87.34% of earnings
Quarterly
$0.50
09/15/2026
09/30/2026
$294.22M
$15.61
+15.37%
United States
Real Estate
120
12.63%
trailing vs forward
- Forward
- 12.63%
- Trailing
- 12.58%
Monthly
$0.1125
10/13/2026
11/02/2026
$809.14M
$10.69
-17.96%
United States
Financial Services
121
12.56%
trailing vs forward
- Forward
- 12.56%
- Trailing
- 12.48%
- Payout
- 72.51% of earnings
Monthly
$0.095
11/20/2026
11/30/2026
$527.82M
$9.08
-13.44%
United States
Financial Services
122
12.54%
Quarterly
$0.40
09/30/2026
10/16/2026
$842.64M
$12.76
-10.20%
United States
Financial Services
123
12.52%
trailing vs forward
- Forward
- 12.52%
- Trailing
- 12.47%
Quarterly
$0.26
09/02/2026
09/09/2026
$870.11M
$8.31
-6.94%
United States
Financial Services
124
12.49%
trailing vs forward
- Forward
- 12.49%
- Trailing
- 7.23%
Quarterly
$0.80
08/17/2026
08/24/2026
$1.12B
$25.63
+59.99%
United States
Industrials
125
12.49%
trailing vs forward
- Forward
- 12.48%
- Trailing
- 9.46%
- Payout
- 16.68% of earnings
Quarterly
$0.26
09/22/2026
09/30/2026
$338.21M
$8.33
+23.59%
United Kingdom
Financial Services
126
12.48%
trailing vs forward
- Forward
- 12.48%
- Trailing
- 12.47%
Monthly
$0.17
12/11/2026
12/31/2026
$1.55B
$16.34
+9.52%
United States
Financial Services
127
12.42%
trailing vs forward
- Forward
- 12.42%
- Trailing
- 6.56%
- Payout
- 40.39% of earnings
Quarterly
$0.90
08/21/2026
09/03/2026
$3.36B
$28.98
+65.51%
Greece
Industrials
128
12.34%
trailing vs forward
- Forward
- 12.34%
- Trailing
- 16.17%
Monthly
$0.029
10/14/2026
10/30/2026
$434.07M
$2.82
-14.29%
United States
Financial Services
129
12.34%special
trailing vs forward
- Forward
- 12.34%
- Trailing
- 13.96%
Quarterly
$0.31
09/30/2026
10/15/2026
$4.96B
$10.05
-22.87%
United States
Financial Services
130
12.21%
trailing vs forward
- Forward
- 12.21%
- Trailing
- 12.77%
Quarterly
$0.12
09/21/2026
09/30/2026
$157.88M
$3.93
-13.63%
United States
Energy
131
12.21%
Monthly
$0.118
12/10/2026
12/24/2026
$640.95M
$11.60
-12.39%
United States
Financial Services
132
12.14%
trailing vs forward
- Forward
- 12.14%
- Trailing
- 11.67%
Quarterly
$0.3125
08/19/2026
09/09/2026
$215.46M
$10.30
-36.34%
United States
Healthcare
133
12.11%
trailing vs forward
- Forward
- 12.11%
- Trailing
- 11.86%
Monthly
$0.0779
12/11/2026
12/22/2026
$1.51B
$7.72
-18.74%
United States
Financial Services
134
12.10%
Monthly
$0.1257
10/15/2026
10/30/2026
$345.41M
$12.47
-20.06%
United States
Financial Services
135
12.00%
Monthly
$0.0895
10/15/2026
11/02/2026
$257.36M
$8.95
-16.20%
United States
Financial Services
136
12.00%
trailing vs forward
- Forward
- 12.00%
- Trailing
- 11.32%
- Payout
- 36.41% of earnings
Monthly
$0.0537
12/17/2026
12/31/2026
$229.65M
$5.37
-6.61%
United States
Financial Services
137
12.00%
trailing vs forward
- Forward
- 12.00%
- Trailing
- 11.89%
- Payout
- 45.59% of earnings
Monthly
$0.10
10/23/2026
10/30/2026
$1.05B
$10.00
+3.52%
United Kingdom
Financial Services
138
11.97%
Monthly
$0.095
11/20/2026
11/30/2026
$121.99M
$9.52
-16.93%
United States
Financial Services
139
11.93%
trailing vs forward
- Forward
- 11.93%
- Trailing
- 11.28%
Quarterly
$0.085
09/04/2026
09/18/2026
$169.11M
$2.85
-36.53%
United States
Communication Services
140
11.92%
trailing vs forward
- Forward
- 11.92%
- Trailing
- 11.82%
Monthly
$0.1132
12/11/2026
12/22/2026
$445.73M
$11.40
-17.69%
United States
Financial Services
141
11.87%
trailing vs forward
- Forward
- 11.87%
- Trailing
- 10.92%
- Payout
- 27.61% of earnings
Monthly
$0.0729
12/17/2026
12/31/2026
$138.10M
$7.37
-4.29%
United States
Financial Services
142
11.81%
trailing vs forward
- Forward
- 11.80%
- Trailing
- 11.81%
Monthly
$0.115
10/16/2026
10/30/2026
$390.64M
$11.69
-11.04%
United States
Financial Services
143
11.80%
Monthly
$0.1125
10/19/2026
10/30/2026
$274.17M
$11.44
-15.13%
United States
Financial Services
144
11.79%
Monthly
$0.105
11/12/2026
11/30/2026
$437.87M
$10.69
-15.43%
United States
Financial Services
145
11.76%
Monthly
$0.1223
12/21/2026
01/04/2027
$250.63M
$12.48
-17.84%
United States
Financial Services
146
11.74%
trailing vs forward
- Forward
- 11.74%
- Trailing
- 11.49%
- Payout
- 48.51% of earnings
Quarterly
$0.15
09/16/2026
09/23/2026
$1.75B
$5.11
-15.82%
United States
Financial Services
147
11.69%
Monthly
$0.125
11/02/2026
11/25/2026
$471.80M
$12.83
-10.28%
United States
Financial Services
148
11.62%
trailing vs forward
- Forward
- 11.62%
- Trailing
- 78.52%
- Payout
- 27.26% of earnings
Semi-annual
$0.28
09/10/2026
09/28/2026
$178.02M
$4.82
-62.58%
China
Financial Services
149
11.58%
trailing vs forward
- Forward
- 11.58%
- Trailing
- 11.45%
Monthly
$0.155
10/15/2026
10/22/2026
$221.86M
$16.06
-22.79%
United States
Financial Services
150
11.57%
trailing vs forward
- Forward
- 11.57%
- Trailing
- 9.66%
Monthly
$0.04
10/23/2026
10/30/2026
$226.89M
$4.15
-11.98%
United States
Financial Services
151
11.52%
trailing vs forward
- Forward
- 11.52%
- Trailing
- 10.65%
Quarterly
$0.8823
11/02/2026
11/12/2026
$1.50B
$30.64
+21.06%
United States
Energy
152
11.50%
trailing vs forward
- Forward
- 11.50%
- Trailing
- 11.50%
Monthly
$0.1235
10/13/2026
10/30/2026
$279.50M
$12.89
-22.58%
United States
Financial Services
153
11.47%
trailing vs forward
- Forward
- 11.47%
- Trailing
- 11.43%
Quarterly
$0.17
07/16/2026
08/31/2026
$1.83B
$5.93
-7.34%
United States
Financial Services
154
11.43%
trailing vs forward
- Forward
- 11.43%
- Trailing
- 11.41%
- Payout
- 97.06% of earnings
Monthly
$0.05
12/11/2026
12/18/2026
$472.65M
$5.25
-13.08%
United States
Financial Services
155
11.36%
trailing vs forward
- Forward
- 11.36%
- Trailing
- 11.36%
Monthly
$0.11
10/13/2026
10/30/2026
$373.13M
$11.62
-24.64%
United States
Financial Services
156
11.33%
trailing vs forward
- Forward
- 11.33%
- Trailing
- 11.56%
Monthly
$0.1565
10/15/2026
11/02/2026
$400.64M
$16.58
-15.88%
United States
Financial Services
157
11.30%
trailing vs forward
- Forward
- 11.30%
- Trailing
- 11.00%
Quarterly
$0.53
09/15/2026
09/30/2026
$479.31M
$18.76
-40.41%
United States
Real Estate
158
11.25%
trailing vs forward
- Forward
- 11.24%
- Trailing
- 5.33%
- Payout
- 81.84% of earnings
Monthly
$0.1534
11/10/2026
11/24/2026
$213.25M
$16.37
-6.67%
United States
Financial Services
159
11.22%
trailing vs forward
- Forward
- 11.22%
- Trailing
- 11.14%
Monthly
$0.1235
10/13/2026
10/30/2026
$353.59M
$13.21
-23.29%
United States
Financial Services
160
11.19%
trailing vs forward
- Forward
- 11.19%
- Trailing
- 11.55%
- Payout
- 83.91% of earnings
Quarterly
$0.35
08/24/2026
09/30/2026
$119.88M
$12.51
-7.02%
Australia
Financial Services
161
11.18%
trailing vs forward
- Forward
- 11.18%
- Trailing
- 11.45%
Monthly
$0.0625
10/15/2026
11/02/2026
$2.52B
$6.71
-16.96%
United States
Financial Services
162
11.10%
Monthly
$0.105
11/12/2026
11/30/2026
$378.45M
$11.35
-21.99%
United States
Financial Services
163
11.10%
trailing vs forward
- Forward
- 11.10%
- Trailing
- 13.68%
Quarterly
$0.31
09/11/2026
09/25/2026
$609.38M
$11.17
-25.73%
United States
Financial Services
164
11.10%
Monthly
$0.17
10/23/2026
10/30/2026
$761.62M
$18.38
+1.04%
United States
Financial Services
165
11.08%
trailing vs forward
- Forward
- 11.08%
- Trailing
- 9.71%
Quarterly
$0.47
08/17/2026
08/24/2026
$1.71B
$16.96
+26.95%
United States
Energy
166
11.05%special
Monthly
$0.21
11/12/2026
11/27/2026
$785.55M
$22.81
-4.04%
United States
Financial Services
167
11.01%
Monthly
$0.1035
10/15/2026
11/02/2026
$317.26M
$11.28
-13.70%
United States
Financial Services
168
10.99%
Annual
$1.26
07/02/2026
07/28/2026
$528.08M
$11.46
-51.30%
China
Technology
169
10.95%
trailing vs forward
- Forward
- 10.95%
- Trailing
- 10.96%
Monthly
$0.0882
12/11/2026
12/22/2026
$313.20M
$9.67
-13.12%
United States
Financial Services
170
10.92%
trailing vs forward
- Forward
- 10.92%
- Trailing
- 10.98%
- Payout
- 35.48% of earnings
Monthly
$0.136
11/12/2026
11/27/2026
$337.77M
$14.95
-2.29%
United States
Financial Services
171
10.90%special
Monthly
$0.215
11/12/2026
11/27/2026
$246.18M
$23.68
-4.44%
United States
Financial Services
172
10.89%
trailing vs forward
- Forward
- 10.89%
- Trailing
- 11.81%
Quarterly
$0.33
09/14/2026
09/29/2026
$3.15B
$12.12
-14.65%
United States
Financial Services
173
10.85%
Monthly
$0.132
10/15/2026
10/30/2026
$1.15B
$14.60
-2.67%
United States
Financial Services
174
10.85%
trailing vs forward
- Forward
- 10.85%
- Trailing
- 2.71%
Quarterly
$0.08
10/08/2026
10/22/2026
$494.83M
$2.95
-20.27%
United States
Real Estate
175
10.80%
trailing vs forward
- Forward
- 10.80%
- Trailing
- 10.70%
- Payout
- 29.15% of earnings
Monthly
$0.10
10/14/2026
10/21/2026
$894.05M
$11.12
-3.52%
United States
Financial Services
176
10.75%
trailing vs forward
- Forward
- 10.75%
- Trailing
- 10.86%
- Payout
- 94.44% of earnings
Monthly
$0.0529
10/13/2026
11/02/2026
$349.24M
$5.91
-14.35%
United States
Financial Services
177
10.73%
trailing vs forward
- Forward
- 10.73%
- Trailing
- 16.54%
Monthly
$0.1087
12/22/2026
12/31/2026
$134.02M
$12.16
-16.97%
United States
Financial Services
178
10.71%
trailing vs forward
- Forward
- 10.71%
- Trailing
- 35.62%
- Payout
- 26.75% of earnings
Semi-annual
$0.4933
09/18/2026
10/06/2026
$6.52B
$9.21
-17.18%
South Africa
Basic Materials
179
10.71%special
trailing vs forward
- Forward
- 10.71%
- Trailing
- 9.32%
- Payout
- 36.31% of earnings
Monthly
$0.054
12/23/2026
12/31/2026
$285.73M
$6.05
-3.82%
United States
Financial Services
180
10.68%
Monthly
$0.1167
10/14/2026
10/30/2026
$636.35M
$13.11
-11.72%
United States
Financial Services
181
10.68%
Monthly
$0.195
10/14/2026
10/21/2026
$627.34M
$21.92
+2.62%
United States
Financial Services
182
10.66%
trailing vs forward
- Forward
- 10.66%
- Trailing
- 10.67%
Monthly
$0.0746
12/11/2026
12/22/2026
$606.68M
$8.40
-15.15%
United States
Financial Services
183
10.65%
trailing vs forward
- Forward
- 10.65%
- Trailing
- 9.68%
- Payout
- 47.14% of earnings
Monthly
$0.1325
02/17/2027
02/26/2027
$341.99M
$14.93
-0.60%
United States
Financial Services
184
10.65%
Quarterly
$0.25
10/01/2026
10/30/2026
$5.24B
$9.39
-13.54%
United States
Real Estate
185
10.63%
trailing vs forward
- Forward
- 10.63%
- Trailing
- 10.64%
Monthly
$0.0839
12/11/2026
12/22/2026
$883.78M
$9.47
-14.91%
United States
Financial Services
186
10.63%
Monthly
$0.116
10/15/2026
11/02/2026
$437.88M
$13.10
+1.31%
United States
Financial Services
187
10.61%
Monthly
$0.1375
11/02/2026
11/16/2026
$946.18M
$15.55
-17.86%
United States
Financial Services
188
10.57%
Monthly
$0.11
10/23/2026
10/30/2026
$504.14M
$12.49
-3.03%
United States
Financial Services
189
10.56%
trailing vs forward
- Forward
- 10.56%
- Trailing
- 10.44%
Quarterly
$0.19
10/09/2026
10/16/2026
$1.67B
$7.20
-6.37%
United States
Real Estate
190
10.55%
Monthly
$0.125
11/23/2026
11/30/2026
$740.12M
$14.22
-4.05%
United States
Financial Services
191
10.50%
trailing vs forward
- Forward
- 10.50%
- Trailing
- 10.74%
Quarterly
$0.75
09/03/2026
09/17/2026
$1.55B
$28.57
+14.37%
Bermuda
Energy
192
10.49%special
trailing vs forward
- Forward
- 10.49%
- Trailing
- 13.10%
Quarterly
$0.30
09/15/2026
09/30/2026
$1.01B
$11.44
-18.46%
United States
Financial Services
193
10.48%
trailing vs forward
- Forward
- 10.48%
- Trailing
- 11.52%
Monthly
$0.02
10/15/2026
10/22/2026
$125.63M
$2.29
-19.79%
United States
Financial Services
194
10.37%
trailing vs forward
- Forward
- 10.37%
- Trailing
- 10.28%
- Payout
- 91.36% of earnings
Monthly
$0.0725
10/13/2026
11/02/2026
$235.37M
$8.39
-10.84%
United States
Financial Services
195
10.36%
Monthly
$0.1188
10/15/2026
10/30/2026
$453.48M
$13.75
-12.86%
United States
Financial Services
196
10.35%
trailing vs forward
- Forward
- 10.35%
- Trailing
- 11.77%
- Payout
- 43.75% of earnings
Quarterly
$0.19
09/15/2026
10/01/2026
$212.07M
$7.34
-10.13%
United States
Financial Services
197
10.35%
trailing vs forward
- Forward
- 10.35%
- Trailing
- 10.31%
- Payout
- 32.29% of earnings
Monthly
$0.12
11/12/2026
11/27/2026
$264.69M
$13.91
+0.22%
United States
Financial Services
198
10.31%
Monthly
$0.10
11/02/2026
11/16/2026
$176.42M
$11.64
-5.37%
United States
Financial Services
199
10.31%
trailing vs forward
- Forward
- 10.31%
- Trailing
- 10.28%
Quarterly
$0.7888
08/06/2026
08/14/2026
$3.93B
$30.61
-9.52%
United States
Energy
200
10.30%
trailing vs forward
- Forward
- 10.30%
- Trailing
- 9.91%
Monthly
$0.12
10/23/2026
10/30/2026
$265.15M
$13.98
-11.07%
United States
Financial Services
Top yield on this page
13.50% DSL
Rows on this page
100 ranks 101–200
Page
2 of 21
Ranked on
Forward declared rate / price
Universe floor
$100M market cap
Yields reflect each company's most recent declared dividend, annualized by its payment frequency and divided by the latest price. Companies whose dividend is only predicted, with no recent or scheduled payment, are excluded. Rows marked "Last dividend" have a last recorded ex date over six months old; the payment may have been reduced or discontinued.
Looking for a specific symbol?
Yields annualize the latest declared dividend by the payment frequency shown, so an irregular payer’s figure assumes a cadence it may not keep. This ranking is informational and is not investment advice.
What this ranking covers
- Universe
- Companies on NYSE, Nasdaq and NYSE American that declared a dividend in the past twelve months.
- Floors
- Market cap of at least $100 million.
- Exclusions
- Companies whose dividend is only predicted, with no recent or scheduled payment, and rows whose yield a second source contradicts.
- Measured on
- Forward yield: the latest declared dividend annualized by its payment frequency, divided by the latest price.
- Refreshed
- Rebuilt from the latest close, so a yield moves when the price moves even though the declaration behind it has not changed.