TQPAX vs. JMM
TQPAX (Touchstone Strategic Income Opportunities Fund) and JMM (Nuveen Multi-Market Income Fund) are both Multisector Bonds funds. Over the past 3 years, TQPAX returned 7.80%/yr vs 5.70%/yr for JMM. At a 0.23 correlation, their price movements are largely independent. TQPAX charges 1.00%/yr vs 0.04%/yr for JMM.
Performance
TQPAX vs. JMM - Performance Comparison
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Returns By Period
In the year-to-date period, TQPAX achieves a 0.85% return, which is significantly higher than JMM's -0.95% return.
TQPAX
- 1D
- -0.31%
- 1M
- -0.49%
- 6M
- 0.85%
- YTD
- 0.85%
- 1Y
- 5.46%
- 3Y*
- 7.80%
- 5Y*
- —
- 10Y*
- —
JMM
- 1D
- -0.34%
- 1M
- 0.50%
- 6M
- -1.27%
- YTD
- -0.95%
- 1Y
- -4.03%
- 3Y*
- 5.70%
- 5Y*
- 0.53%
- 10Y*
- 2.96%
TQPAX vs. JMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TQPAX Touchstone Strategic Income Opportunities Fund | 0.85% | 8.97% | 7.26% | 8.37% | -9.86% | -0.64% |
JMM Nuveen Multi-Market Income Fund | -0.95% | 5.61% | 8.15% | 6.57% | -17.95% | 2.83% |
Correlation
The correlation between TQPAX and JMM is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2021 | 0.23 |
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Return for Risk
TQPAX vs. JMM — Risk / Return Rank
TQPAX
JMM
TQPAX vs. JMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Touchstone Strategic Income Opportunities Fund (TQPAX) and Nuveen Multi-Market Income Fund (JMM). 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.
| TQPAX | JMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.95 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | -0.49 | +2.64 |
| Martin ratioReturn relative to average drawdown | 7.49 | -0.94 | +8.42 |
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Drawdowns
TQPAX vs. JMM - Drawdown Comparison
The maximum TQPAX drawdown since its inception was -16.94%, smaller than the maximum JMM drawdown of -48.15%. Use the drawdown chart below to compare losses from any high point for TQPAX and JMM.
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Drawdown Indicators
| TQPAX | JMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.94% | -48.15% | +31.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -8.28% | +5.88% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -9.92% | +5.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.19% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.48% | — |
Current DrawdownCurrent decline from peak | -0.91% | -5.93% | +5.02% |
Average DrawdownAverage peak-to-trough decline | -4.29% | -14.08% | +9.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 4.31% | -3.62% |
Volatility
TQPAX vs. JMM - Volatility Comparison
The current volatility for Touchstone Strategic Income Opportunities Fund (TQPAX) is 1.26%, while Nuveen Multi-Market Income Fund (JMM) has a volatility of 1.79%. This indicates that TQPAX experiences smaller price fluctuations and is considered to be less risky than JMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TQPAX | JMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.79% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.77% | 8.19% | -5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.76% | 11.41% | -7.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.10% | 13.41% | -8.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.10% | 13.91% | -8.81% |
TQPAX vs. JMM - Expense Ratio Comparison
TQPAX has a 1.00% expense ratio, which is higher than JMM's 0.04% expense ratio.
Dividends
TQPAX vs. JMM - Dividend Comparison
TQPAX's dividend yield for the trailing twelve months is around 4.75%, less than JMM's 5.99% 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% |
TQPAX Touchstone Strategic Income Opportunities Fund | 4.75% | 4.20% | 4.43% | 4.95% | 4.02% | 1.09% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TQPAX and JMM have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JMM has higher volatility (1.79%) compared to TQPAX (1.26%). In terms of maximum drawdown, TQPAX dropped -16.94% vs JMM's -48.15%.
TQPAX currently has the higher Sharpe Ratio (1.37 vs -0.36), 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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