JMM vs JRI: Correlation
How closely do Nuveen Multi-Market Income Fund (MA) (JMM) and Nuveen Real Asset Income and Growth Fund (JRI) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JMM and JRI?
On 3 years of weekly data the JMM/JRI correlation comes out at 0.58, moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.58 over 3. The 5-year figure is 0.58, and annualized covariance runs at 96.2 %².
Few assets follow JMM as closely as JRI, which ranks #2 of 10 tracked partners. On 12-month performance JRI holds a 8.2-point edge, -2.9% against +5.3%. Risk is not evenly split, since JRI carries 1.7 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
JMM vs JRI: side by side
| JMM (Nuveen Multi-Market Income Fund (MA)) | JRI (Nuveen Real Asset Income and Growth Fund) | |
|---|---|---|
| 1-year return | -2.9% | +5.3% |
| 5-year return | +3.3% | +31.7% |
| Volatility (ann.) | 9.8% | 17.0% |
| Beta vs S&P 500 | 0.20 | 0.64 |
| Max drawdown (3Y) | -9.9% | -13.7% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | 11.6 | 7.0 |
| Dividend yield | 5.99% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JMM | JRI |
|---|---|---|
| 2022 | -18.0% | -20.8% |
| 2023 | +6.7% | +10.1% |
| 2024 | +8.2% | +16.3% |
| 2025 | +5.6% | +26.8% |
| 2026 | -0.1% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JMM and JRI good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between JMM and JRI?
The JMM/JRI correlation stands at 0.58 on a 3-year window (1 year: 0.60, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is JRI a good diversifier for JMM?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jmm-vs-jri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jmm-vs-jri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JMM correlations · JRI correlations
