Battery vs dash voltage



Ok, havent been here in a while, but I have a group think question.

The bike has always lived in the garage, on a BatteryTender plus. Today I keyed it on, and checked the dash voltage. 12.6 volts. Parking lights on, 12.1, headlights on, 11.6.. (yes I installed a Euro light switch on my USA bike). Anyway, I disconnected the BT and measured voltage at the pigtail, 13.4v

So my question is, is the dash usually that different than at the battery? Ive got no issues starting the bike, just the dash reads lower..