JMM vs SPY
Nuveen Multi-Market Income Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, JMM or SPY?
Diversified Sectoral Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | JMM | SPY |
|---|---|---|
| Expense Ratio | 1.58% | 0.09%Best |
| AUM | $58M | $823.2B |
| Dividend Yield | 5.70% | 0.99% |
| Holdings | 373 | 1,515 |
| YTD Return | -3.68% | +13.53%Best |
| 1Y Return | -7.01% | +17.47%Best |
| 3Y Return (annualized) | +6.00% | +22.36%Best |
| 5Y Return (annualized) | -0.63% | +13.21%Best |
| Volatility (annualized) | 9.9%Best | 15.2% |
| Max Drawdown | -53.8%Best | -56.5% |
| $10,000 over 5 years | $9,689 | $18,596Best |
| Fund Family | Nuveen | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Diversified Sectoral Bond | Large Cap Blend |
| Inception | Dec 30, 1988 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Oct 14, 2026 (30.8 years).
JMM vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
JMM vs SPY Performance
Nuveen Multi-Market Income Fund (JMM) is an ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JMM returned -7.01% while SPY returned +17.47%. Year to date, JMM is down 3.68% versus a gain of 13.53% for SPY.
Over three years, JMM compounded at +6.00% per year against +22.36% for SPY; over five years the annualized figures are -0.63% and +13.21% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs -0.50%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.2% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.37. They move together some of the time, and apart the rest.
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 5.70% against 0.99% for SPY.
Holdings Overlap
At least 0.3% of SPY's money is in holdings JMM also owns.
Stated as a floor: for JMM, our book for it covers 55.4% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 171 positions we hold weights for in JMM and 504 in SPY, against full books of 373 and 1,515.
Top Shared Holdings
| Stock | Weight in JMM | Weight in SPY | Difference |
|---|---|---|---|
| CCitigroup Inc V/R /Perp | 0.30% | 0.35% | 0.05% |
You are not choosing between two funds in isolation.
Whichever of JMM and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $149 a year on a $10,000 investment.
Which performed better, JMM or SPY?
Over the past year JMM returned -7.01% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), JMM annualized -0.50% vs +8.79% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JMM or SPY?
SPY has been the more volatile fund at 15.2% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, JMM or SPY?
JMM yields 5.70% while SPY yields 0.99%, so JMM currently pays the higher dividend yield.
Is SPY better than JMM?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.