JMM vs. JPC
JMM (Nuveen Multi-Market Income Fund) and JPC (Nuveen Preferred and Income Opportunities Fund) are both mutual funds - JMM is a Multisector Bonds fund managed by Nuveen, while JPC is a Preferred Stock/Convertible Bonds fund managed by Nuveen. Over the past 10 years, JMM returned 2.89%/yr vs 5.65%/yr for JPC. At a 0.20 correlation, their price movements are largely independent. JMM charges 0.04%/yr vs 0.01%/yr for JPC.
Performance
JMM vs. JPC - 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 JPC's 2.00% return. Over the past 10 years, JMM has underperformed JPC with an annualized return of 2.89%, while JPC has yielded a comparatively higher 5.65% annualized 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%
JPC
- 1D
- -0.25%
- 1M
- 0.93%
- 6M
- 1.85%
- YTD
- 2.00%
- 1Y
- 6.87%
- 3Y*
- 17.38%
- 5Y*
- 4.14%
- 10Y*
- 5.65%
JMM vs. JPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JMM Nuveen Multi-Market Income Fund | -0.45% | 5.61% | 8.15% | 6.57% | -17.95% | 10.53% | 1.77% | 13.56% | -5.37% | 10.58% |
JPC Nuveen Preferred and Income Opportunities Fund | 2.00% | 14.00% | 27.58% | 0.75% | -19.18% | 9.75% | -2.09% | 35.25% | -12.70% | 13.35% |
Correlation
The correlation between JMM and JPC is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2003 | 0.20 |
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Return for Risk
JMM vs. JPC — Risk / Return Rank
JMM
JPC
JMM vs. JPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Multi-Market Income Fund (JMM) and Nuveen Preferred and Income Opportunities Fund (JPC). 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 | JPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.13 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 0.60 | -1.07 |
| Martin ratioReturn relative to average drawdown | -0.89 | 3.09 | -3.97 |
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Drawdowns
JMM vs. JPC - Drawdown Comparison
The maximum JMM drawdown since its inception was -48.15%, smaller than the maximum JPC drawdown of -76.07%. Use the drawdown chart below to compare losses from any high point for JMM and JPC.
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Drawdown Indicators
| JMM | JPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.15% | -76.07% | +27.92% |
Max Drawdown (1Y)Largest decline over 1 year | -8.28% | -11.43% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -9.92% | -11.65% | +1.73% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -32.26% | +8.07% |
Max Drawdown (10Y)Largest decline over 10 years | -26.48% | -52.53% | +26.05% |
Current DrawdownCurrent decline from peak | -5.46% | -1.25% | -4.21% |
Average DrawdownAverage peak-to-trough decline | -14.08% | -9.91% | -4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.35% | 2.23% | +2.12% |
Volatility
JMM vs. JPC - Volatility Comparison
The current volatility for Nuveen Multi-Market Income Fund (JMM) is 1.75%, while Nuveen Preferred and Income Opportunities Fund (JPC) has a volatility of 2.07%. This indicates that JMM experiences smaller price fluctuations and is considered to be less risky than JPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMM | JPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 2.07% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 10.01% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.37% | 11.38% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 14.52% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.90% | 20.60% | -6.70% |
JMM vs. JPC - Expense Ratio Comparison
JMM has a 0.04% expense ratio, which is higher than JPC's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
JMM vs. JPC - Dividend Comparison
JMM's dividend yield for the trailing twelve months is around 5.99%, less than JPC's 9.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
JPC Nuveen Preferred and Income Opportunities Fund | 9.78% | 9.79% | 8.94% | 8.00% | 8.74% | 6.52% | 6.95% | 7.00% | 9.02% | 7.50% | 8.14% | 8.65% |
Frequently Asked Questions
JMM and JPC have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPC has higher volatility (2.07%) compared to JMM (1.75%). In terms of maximum drawdown, JMM dropped -48.15% vs JPC's -76.07%.
JPC currently has the higher Sharpe Ratio (0.61 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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