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 0.44%/yr vs 7.20%/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 -0.45% return, which is significantly lower than BRW's 4.15% return.
JMM
- 1D
- -0.34%
- 1M
- 0.65%
- 6M
- -2.14%
- YTD
- -0.45%
- 1Y
- -3.84%
- 3Y*
- 5.95%
- 5Y*
- 0.44%
- 10Y*
- 2.89%
BRW
- 1D
- -0.60%
- 1M
- 2.04%
- 6M
- 3.76%
- YTD
- 4.15%
- 1Y
- -3.85%
- 3Y*
- 9.83%
- 5Y*
- 7.20%
- 10Y*
- —
JMM vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
JMM Nuveen Multi-Market Income Fund | -0.45% | 5.61% | 8.15% | 6.57% | -17.95% | 6.26% |
BRW Saba Capital Income & Opportunities Fund | 4.15% | 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 | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
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 | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.96 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | -0.22 | -0.25 |
| Martin ratioReturn relative to average drawdown | -0.89 | -0.37 | -0.52 |
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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 | -5.46% | -8.23% | +2.77% |
Average DrawdownAverage peak-to-trough decline | -14.08% | -4.06% | -10.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.35% | 10.44% | -6.09% |
Volatility
JMM vs. BRW - Volatility Comparison
The current volatility for Nuveen Multi-Market Income Fund (JMM) is 1.75%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.37%. 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 | 1.75% | 3.37% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 8.42% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.37% | 13.46% | -2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 12.95% | +0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.90% | 12.87% | +1.03% |
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 15.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.25% | 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 (3.37%) compared to JMM (1.75%). In terms of maximum drawdown, JMM dropped -48.15% vs BRW's -17.74%.
BRW currently has the higher Sharpe Ratio (-0.29 vs -0.34), 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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