TSI vs. JMM
TSI (TCW Strategic Income Fund Inc.) and JMM (Nuveen Multi-Market Income Fund) are both Multisector Bonds funds. Over the past 10 years, TSI returned 4.88%/yr vs 2.96%/yr for JMM. At a 0.08 correlation, their price movements are largely independent.
Performance
TSI vs. JMM - Performance Comparison
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Returns By Period
In the year-to-date period, TSI achieves a -6.95% return, which is significantly lower than JMM's -0.95% return. Over the past 10 years, TSI has outperformed JMM with an annualized return of 4.88%, while JMM has yielded a comparatively lower 2.96% annualized return.
TSI
- 1D
- -0.67%
- 1M
- -1.15%
- 6M
- -6.19%
- YTD
- -6.95%
- 1Y
- -2.21%
- 3Y*
- 6.17%
- 5Y*
- 1.62%
- 10Y*
- 4.88%
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%
TSI vs. JMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSI TCW Strategic Income Fund Inc. | -6.95% | 9.72% | 13.45% | 7.13% | -14.33% | 8.08% | 3.77% | 17.97% | -3.83% | 16.42% |
JMM Nuveen Multi-Market Income Fund | -0.95% | 5.61% | 8.15% | 6.57% | -17.95% | 10.53% | 1.77% | 13.56% | -5.37% | 10.58% |
Correlation
The correlation between TSI and JMM is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 1989 | 0.08 |
Over the past year, TSI and JMM have become more correlated (0.32) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
TSI vs. JMM — Risk / Return Rank
TSI
JMM
TSI vs. JMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TCW Strategic Income Fund Inc. (TSI) 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.
| TSI | JMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.95 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | -0.49 | +0.22 |
| Martin ratioReturn relative to average drawdown | -0.57 | -0.94 | +0.37 |
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Drawdowns
TSI vs. JMM - Drawdown Comparison
The maximum TSI drawdown since its inception was -60.35%, which is greater than JMM's maximum drawdown of -48.15%. Use the drawdown chart below to compare losses from any high point for TSI and JMM.
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Drawdown Indicators
| TSI | JMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.35% | -48.15% | -12.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -8.28% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -8.30% | -9.92% | +1.62% |
Max Drawdown (5Y)Largest decline over 5 years | -18.56% | -24.19% | +5.63% |
Max Drawdown (10Y)Largest decline over 10 years | -30.00% | -26.48% | -3.52% |
Current DrawdownCurrent decline from peak | -6.99% | -5.93% | -1.06% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -14.08% | +6.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 4.31% | -0.42% |
Volatility
TSI vs. JMM - Volatility Comparison
TCW Strategic Income Fund Inc. (TSI) has a higher volatility of 2.19% compared to Nuveen Multi-Market Income Fund (JMM) at 1.79%. This indicates that TSI's price experiences larger fluctuations and is considered to be riskier 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
| TSI | JMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 1.79% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 7.16% | 8.19% | -1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.35% | 11.41% | -3.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.84% | 13.41% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.03% | 13.91% | +0.12% |
Dividends
TSI vs. JMM - Dividend Comparison
TSI's dividend yield for the trailing twelve months is around 7.75%, more 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% |
TSI TCW Strategic Income Fund Inc. | 7.75% | 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
TSI and JMM have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSI has higher volatility (2.19%) compared to JMM (1.79%). In terms of maximum drawdown, TSI dropped -60.35% vs JMM's -48.15%.
TSI currently has the higher Sharpe Ratio (-0.27 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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