JMM vs SPY
Nuveen Multi-Market Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | JMM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.58% | 0.09% | |
| AUM | - | $821.1B | |
| Dividend Yield | 5.46% | 1.01% | |
| Holdings | 310 | 505 | |
| YTD Return | -0.72% | +12.22% | |
| 1Y Return | -2.80% | +20.83% | |
| 3Y Return (annualized) | +5.65% | +21.70% | |
| 5Y Return (annualized) | +0.43% | +12.98% | |
| Volatility (annualized) | 9.9% | 15.3% | |
| Max Drawdown | -53.8% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Dec 30, 1988 | Jan 22, 1993 |
JMM vs SPY Performance
Nuveen Multi-Market Income Fund (JMM) is a ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JMM returned -2.80% while SPY returned +20.83%. Year to date, JMM is down 0.72% versus a gain of 12.22% for SPY.
Over three years, JMM compounded at +5.65% per year against +21.70% for SPY; over five years the annualized figures are +0.43% and +12.98% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs -0.40%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. 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 0.37. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
JMM charges 1.58% per year while SPY charges 0.09%. On a $10,000 position that is $158 vs $9 annually, a gap of $149 per year that compounds over a long holding period. On income, JMM currently yields 5.46% against 1.01% for SPY.
Holdings Overlap
JMM and SPY share 0 holdings out of 519 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 SPY?
JMM has an expense ratio of 1.58% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $149 per year of difference.
Which performed better, JMM or SPY?
Over the past year JMM returned -2.80% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), JMM annualized -0.40% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, JMM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.9% for JMM. Worst drawdown: JMM -53.8% vs SPY -56.5%.
Should I hold both JMM and SPY?
JMM and SPY have a monthly-return correlation of 0.37, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JMM and SPY?
JMM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 519 unique securities.
Which pays a higher dividend, JMM or SPY?
JMM yields 5.46% while SPY yields 1.01%, so JMM currently pays the higher dividend yield.
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