JMM vs. TSI
JMM (Nuveen Multi-Market Income Fund) and TSI (TCW Strategic Income Fund Inc.) are both Multisector Bonds funds. Over the past 10 years, JMM returned 3.01%/yr vs 5.05%/yr for TSI. At a 0.08 correlation, their price movements are largely independent.
Performance
JMM vs. TSI - Performance Comparison
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Returns By Period
In the year-to-date period, JMM achieves a -0.78% return, which is significantly higher than TSI's -6.53% return. Over the past 10 years, JMM has underperformed TSI with an annualized return of 3.01%, while TSI has yielded a comparatively higher 5.05% annualized return.
JMM
- 1D
- 0.17%
- 1M
- 1.34%
- YTD
- -0.78%
- 6M
- -0.28%
- 1Y
- -0.51%
- 3Y*
- 6.11%
- 5Y*
- 0.89%
- 10Y*
- 3.01%
TSI
- 1D
- 0.22%
- 1M
- -0.26%
- YTD
- -6.53%
- 6M
- -4.22%
- 1Y
- -0.26%
- 3Y*
- 6.94%
- 5Y*
- 2.14%
- 10Y*
- 5.05%
JMM vs. TSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JMM Nuveen Multi-Market Income Fund | -0.78% | 5.61% | 8.15% | 6.57% | -17.95% | 10.53% | 1.77% | 13.56% | -5.37% | 10.58% |
TSI TCW Strategic Income Fund Inc. | -6.53% | 9.72% | 13.45% | 7.13% | -14.33% | 8.08% | 3.77% | 17.97% | -3.83% | 16.42% |
Correlation
The correlation between JMM and TSI is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 1989 | 0.08 |
The correlation between JMM and TSI shifts across timeframes, from 0.08 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JMM vs. TSI — Risk / Return Rank
JMM
TSI
JMM vs. TSI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Multi-Market Income Fund (JMM) and TCW Strategic Income Fund Inc. (TSI). 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 | TSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.00 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | -0.03 | -0.03 |
| Martin ratioReturn relative to average drawdown | -0.12 | -0.07 | -0.05 |
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Drawdowns
JMM vs. TSI - Drawdown Comparison
The maximum JMM drawdown since its inception was -48.15%, smaller than the maximum TSI drawdown of -60.35%. Use the drawdown chart below to compare losses from any high point for JMM and TSI.
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Drawdown Indicators
| JMM | TSI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.15% | -60.35% | +12.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.28% | -8.30% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -9.92% | -8.30% | -1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -18.56% | -5.63% |
Max Drawdown (10Y)Largest decline over 10 years | -26.48% | -30.00% | +3.52% |
Current DrawdownCurrent decline from peak | -5.77% | -6.57% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -14.09% | -7.69% | -6.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 3.59% | +0.53% |
Volatility
JMM vs. TSI - Volatility Comparison
Nuveen Multi-Market Income Fund (JMM) has a higher volatility of 3.06% compared to TCW Strategic Income Fund Inc. (TSI) at 1.45%. This indicates that JMM's price experiences larger fluctuations and is considered to be riskier than TSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JMM | TSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 1.45% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 8.20% | 7.29% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.88% | 8.40% | +3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 10.89% | +2.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.92% | 14.03% | -0.11% |
Dividends
JMM vs. TSI - Dividend Comparison
JMM's dividend yield for the trailing twelve months is around 5.98%, less than TSI's 9.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JMM Nuveen Multi-Market Income Fund | 5.98% | 5.76% | 5.48% | 5.58% | 6.13% | 4.60% | 4.49% | 4.86% | 5.34% | 5.63% | 6.19% | 6.76% |
TSI TCW Strategic Income Fund Inc. | 9.17% | 6.58% | 8.00% | 7.73% | 7.00% | 6.36% | 4.83% | 7.39% | 7.07% | 5.36% | 5.21% | 4.08% |
Frequently Asked Questions
JMM and TSI have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMM has higher volatility (3.06%) compared to TSI (1.45%). In terms of maximum drawdown, JMM dropped -48.15% vs TSI's -60.35%.
TSI currently has the higher Sharpe Ratio (-0.03 vs -0.04), 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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