JMM vs WDI: Correlation
Measured on weekly returns over the past three years, Nuveen Multi-Market Income Fund (MA) (JMM) and Western Asset Diversified Income Fund (WDI) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JMM and WDI?
On 3 years of weekly data the JMM/WDI correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 66.7 %².
By 3-year correlation, WDI places #4 of the 10 assets tracked against JMM. Their 12-month results are close: -2.9% for JMM against -2.3% for WDI.
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 WDI: side by side
| JMM (Nuveen Multi-Market Income Fund (MA)) | WDI (Western Asset Diversified Income Fund) | |
|---|---|---|
| 1-year return | -2.9% | -2.3% |
| 5-year return | +3.3% | +14.7% |
| Volatility (ann.) | 9.8% | 11.7% |
| Beta vs S&P 500 | 0.20 | 0.46 |
| Max drawdown (3Y) | -9.9% | -14.1% |
| Market cap | $0.1B | $0.7B |
| P/E (trailing) | 11.6 | 9.3 |
| Dividend yield | 5.99% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JMM | WDI |
|---|---|---|
| 2022 | -18.0% | -23.3% |
| 2023 | +6.7% | +25.1% |
| 2024 | +8.2% | +13.9% |
| 2025 | +5.6% | +10.7% |
| 2026 | -0.1% | +0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JMM and WDI good diversifiers for each other?
Only partially. A correlation of 0.58 means JMM and WDI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between JMM and WDI?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.52 over the last year and 0.54 over 5 years.
Is WDI a good diversifier for JMM?
Only partially. A correlation of 0.58 means JMM and WDI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jmm-vs-wdi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jmm-vs-wdi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: JMM correlations · WDI correlations
