Glossary

Drawdown

Drawdown is the peak-to-trough decline in account equity, the practical measure of how much pain a strategy asks for.

In short

Drawdown measures the fall from an equity high-water mark to the subsequent low, expressed as a percentage. Maximum drawdown and time-to-recovery describe survivability better than headline returns do.

Why drawdown, not return, decides outcomes

Most followers do not lose money because a strategy had no edge; they lose it by abandoning the strategy at the bottom of a drawdown they had not planned for.

A diversified basket typically reduces single-leader drawdown pass-through, and does not prevent a correlated portfolio drawdown.

Past performance is not indicative of future results. Perpetual futures are leveraged instruments and carry a substantial risk of loss, including the loss of your entire position.

Methodology

Scoring and replacement are documented in full on How it works and in the Docs (Policy v3). In short: the Elite basket is sticky, emergencies remove a leader immediately, and soft issues accrue at most one strike per UTC day with three strike-days triggering replacement. Read how it works or the documentation for the full table.

Questions

Frequently asked

What drawdown should I expect?

Unknowable in advance. Historical drawdowns are a floor for imagination, not a cap.

Does isolation limit drawdown?

It limits contagion between leaders, not portfolio-wide drawdown.

Keep reading

Drawdown frameworksMeasuring and surviving them.Risk disclosureWhat can go wrong, stated plainly.

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