JMM vs QQQ
Nuveen Multi-Market Income Fund vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. JMM offers more diversification with 310 holdings.
Side-by-Side Comparison
| Metric | JMM | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 1.58% | 0.18% | |
| AUM | - | $496.3B | |
| Dividend Yield | 5.46% | 0.44% | |
| Holdings | 310 | 108 | |
| YTD Return | -0.56% | +16.64% | |
| 1Y Return | -2.33% | +27.27% | |
| 3Y Return (annualized) | +5.77% | +25.96% | |
| 5Y Return (annualized) | +0.62% | +14.54% | |
| Volatility (annualized) | 9.9% | 30.6% | |
| Max Drawdown | -53.8% | -83.0% | |
| Fund Family | Nuveen | Invesco (US) | |
| Category | Fixed Income | Equity | |
| Inception | Dec 30, 1988 | Mar 10, 1999 |
JMM vs QQQ Performance
Nuveen Multi-Market Income Fund (JMM) is a ETF from Nuveen and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year JMM returned -2.33% while QQQ returned +27.27%. Year to date, JMM is down 0.56% versus a gain of 16.64% for QQQ.
Over three years, JMM compounded at +5.77% per year against +25.96% for QQQ; over five years the annualized figures are +0.62% and +14.54% respectively. Across the full 27-year window we track, QQQ has the edge at +13.03% annualized vs -0.40%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 9.9% for JMM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -53.8% for JMM and -83.0% for QQQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.19. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JMM charges 1.58% per year while QQQ charges 0.18%. On a $10,000 position that is $158 vs $18 annually, a gap of $140 per year that compounds over a long holding period. On income, JMM currently yields 5.46% against 0.44% for QQQ.
Holdings Overlap
JMM and QQQ share 0 holdings out of 117 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, JMM or QQQ?
JMM has an expense ratio of 1.58% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $140 per year of difference.
Which performed better, JMM or QQQ?
Over the past year JMM returned -2.33% vs +27.27% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (27 years), JMM annualized -0.40% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, JMM or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 9.9% for JMM. Worst drawdown: JMM -53.8% vs QQQ -83.0%.
Should I hold both JMM and QQQ?
JMM and QQQ have a monthly-return correlation of 0.19, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JMM and QQQ?
JMM and QQQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 117 unique securities.
Which pays a higher dividend, JMM or QQQ?
JMM yields 5.46% while QQQ yields 0.44%, so JMM currently pays the higher dividend yield.
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