The yield curve is commonly constructed from benchmark (risk-free) zero coupon yields at different maturities, or yis, where the subscript i refers to the maturity. Once a yield curve is constructed, a forward curve can also be constructed, consisting of short (for example 1-year) rates fis.

Zeros (yis) are arithmetic averages over forward rates (fis)

Each yi is the sum of fis at shorter maturities

yis are geometric averages over fis

yis are always greater than or equal to the corresponding fi

None of the above