Drawdown
The peak-to-trough decline of a position or portfolio, and the single most useful measure of how a strategy actually felt to hold.
Drawdown is measured from the highest equity point reached to the lowest point after it, so it captures the worst experience rather than the average one.
Recovery is asymmetric: a 33% drawdown requires a 50% gain to get back to even, which is why controlling depth matters more than chasing upside.
Our drawdown recovery calculator makes that asymmetry concrete for any decline you enter.
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