The most common measure of return on a callable bond would be its

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The yield-to-call is the most relevant measure of return for a callable bond. This is because callable bonds give the issuer the option to call the bond at a specific time and price, which can significantly impact the bondholder's return. Therefore, calculating the yield-to-call can provide a more accurate representation of the potential return on a callable bond. The current yield just measures the annual interest payments divided by the current price, while the yield-to-maturity assumes the bond will not be called before maturity. The return on average investment is a more general term that can refer to any investment, not just bonds.

The Most Common Measure of Return on a Callable Bond