The difference in the prices of a zero-coupon bond and a coupon bond with the same face value and maturity date is simply:

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The difference in price between a zero-coupon bond and a coupon bond with the same face value and maturity date is the present value of the coupon payments. This is because a coupon bond pays periodic interest payments, while a zero-coupon bond does not. As such, the coupon bond has more cash flows and a higher present value, which results in a higher price compared to a zero-coupon bond.

The Difference in the Prices of a Zero-Coupon Bond and a Coupon