JMM vs. SPXX
JMM (Nuveen Multi-Market Income Fund) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both mutual funds - JMM is a Multisector Bonds fund managed by Nuveen, while SPXX is a S&P 500 fund actively managed by Nuveen. Over the past 10 years, JMM returned 2.89%/yr vs 10.35%/yr for SPXX. At a 0.19 correlation, their price movements are largely independent. JMM charges 0.04%/yr vs 0.89%/yr for SPXX.
Performance
JMM vs. SPXX - 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 SPXX's 8.47% return. Over the past 10 years, JMM has underperformed SPXX with an annualized return of 2.89%, while SPXX has yielded a comparatively higher 10.35% 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%
SPXX
- 1D
- 0.05%
- 1M
- 4.05%
- 6M
- 8.29%
- YTD
- 8.47%
- 1Y
- 13.77%
- 3Y*
- 14.44%
- 5Y*
- 8.25%
- 10Y*
- 10.35%
JMM vs. SPXX - 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% |
SPXX Nuveen S&P 500 Dynamic Overwrite Fund | 8.47% | 9.78% | 27.10% | 0.85% | -6.92% | 29.03% | -0.37% | 25.36% | -13.42% | 27.92% |
Correlation
The correlation between JMM and SPXX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2005 | 0.19 |
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Return for Risk
JMM vs. SPXX — Risk / Return Rank
JMM
SPXX
JMM vs. SPXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Multi-Market Income Fund (JMM) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). 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 | SPXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.19 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 1.17 | -1.63 |
| Martin ratioReturn relative to average drawdown | -0.89 | 3.96 | -4.84 |
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Drawdowns
JMM vs. SPXX - Drawdown Comparison
The maximum JMM drawdown since its inception was -48.15%, smaller than the maximum SPXX drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for JMM and SPXX.
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Drawdown Indicators
| JMM | SPXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.15% | -52.39% | +4.24% |
Max Drawdown (1Y)Largest decline over 1 year | -8.28% | -11.86% | +3.58% |
Max Drawdown (3Y)Largest decline over 3 years | -9.92% | -17.65% | +7.73% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -18.09% | -6.10% |
Max Drawdown (10Y)Largest decline over 10 years | -26.48% | -43.99% | +17.51% |
Current DrawdownCurrent decline from peak | -5.46% | 0.00% | -5.46% |
Average DrawdownAverage peak-to-trough decline | -14.08% | -7.43% | -6.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.35% | 3.49% | +0.86% |
Volatility
JMM vs. SPXX - Volatility Comparison
The current volatility for Nuveen Multi-Market Income Fund (JMM) is 1.75%, while Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) has a volatility of 4.27%. This indicates that JMM experiences smaller price fluctuations and is considered to be less risky than SPXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMM | SPXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 4.27% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 9.81% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.37% | 12.71% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 15.74% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.90% | 18.42% | -4.52% |
JMM vs. SPXX - Expense Ratio Comparison
JMM has a 0.04% expense ratio, which is lower than SPXX's 0.89% expense ratio.
Dividends
JMM vs. SPXX - Dividend Comparison
JMM's dividend yield for the trailing twelve months is around 5.99%, less than SPXX's 7.65% 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% |
SPXX Nuveen S&P 500 Dynamic Overwrite Fund | 7.65% | 7.48% | 6.87% | 7.82% | 7.30% | 5.27% | 6.56% | 6.44% | 7.98% | 5.69% | 5.14% | 7.75% |
Frequently Asked Questions
JMM and SPXX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXX has higher volatility (4.27%) compared to JMM (1.75%). In terms of maximum drawdown, JMM dropped -48.15% vs SPXX's -52.39%.
SPXX currently has the higher Sharpe Ratio (1.09 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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