JMM vs. BRW
JMM (Nuveen Multi-Market Income Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, JMM returned 0.70%/yr vs 6.48%/yr for BRW. At a 0.16 correlation, their price movements are largely independent. JMM charges 0.04%/yr vs 1.71%/yr for BRW.
Performance
JMM vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, JMM achieves a -0.95% return, which is significantly lower than BRW's 1.14% return.
JMM
- 1D
- 0.00%
- 1M
- 1.16%
- YTD
- -0.95%
- 6M
- -0.78%
- 1Y
- -0.14%
- 3Y*
- 6.05%
- 5Y*
- 0.70%
- 10Y*
- 3.00%
BRW
- 1D
- 1.39%
- 1M
- -1.43%
- YTD
- 1.14%
- 6M
- 2.01%
- 1Y
- -3.62%
- 3Y*
- 9.44%
- 5Y*
- 6.48%
- 10Y*
- —
JMM vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
JMM Nuveen Multi-Market Income Fund | -0.95% | 5.61% | 8.15% | 6.57% | -17.95% | 6.26% |
BRW Saba Capital Income & Opportunities Fund | 1.14% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between JMM and BRW is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.16 |
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Return for Risk
JMM vs. BRW — Risk / Return Rank
JMM
BRW
JMM vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Multi-Market Income Fund (JMM) and Saba Capital Income & Opportunities Fund (BRW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JMM | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.96 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.21 | +0.19 |
| Martin ratioReturn relative to average drawdown | -0.03 | -0.36 | +0.32 |
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Drawdowns
JMM vs. BRW - Drawdown Comparison
The maximum JMM drawdown since its inception was -48.15%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for JMM and BRW.
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Drawdown Indicators
| JMM | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.15% | -17.74% | -30.41% |
Max Drawdown (1Y)Largest decline over 1 year | -8.28% | -17.74% | +9.46% |
Max Drawdown (3Y)Largest decline over 3 years | -9.92% | -17.74% | +7.82% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -17.74% | -6.45% |
Max Drawdown (10Y)Largest decline over 10 years | -26.48% | — | — |
Current DrawdownCurrent decline from peak | -5.93% | -10.88% | +4.95% |
Average DrawdownAverage peak-to-trough decline | -14.09% | -4.00% | -10.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 10.19% | -6.03% |
Volatility
JMM vs. BRW - Volatility Comparison
The current volatility for Nuveen Multi-Market Income Fund (JMM) is 2.93%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.44%. This indicates that JMM experiences smaller price fluctuations and is considered to be less risky than BRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMM | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.93% | 4.44% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 8.21% | 8.23% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.85% | 13.40% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 12.94% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.92% | 12.90% | +1.02% |
JMM vs. BRW - Expense Ratio Comparison
JMM has a 0.04% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
JMM vs. BRW - Dividend Comparison
JMM's dividend yield for the trailing twelve months is around 5.99%, less than BRW's 15.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.49% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JMM Nuveen Multi-Market Income Fund | 5.99% | 5.76% | 5.48% | 5.58% | 6.13% | 4.60% | 4.49% | 4.86% | 5.34% | 5.63% | 6.19% | 6.76% |
Frequently Asked Questions
JMM and BRW have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.44%) compared to JMM (2.93%). In terms of maximum drawdown, JMM dropped -48.15% vs BRW's -17.74%.
JMM currently has the higher Sharpe Ratio (-0.01 vs -0.27), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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