Maximum Drawdown Calculator
The largest peak-to-trough fall in a series of portfolio values, prices or periodic returns, where it started and bottomed, the gain needed to get back to the peak, and how far below its high the series is now.
Result…
How it's calculated
Drawdown at each point = 1 − value ÷ highest value so far Maximum drawdown = the largest of these Gain needed to recover = 1 ÷ (1 − drawdown) − 1 From returns: value = previous × (1 + return)
Maximum drawdown is the biggest percentage fall from a high point to a later low point before a new high is reached. The calculator keeps track of the highest value so far, works out how far each value is below it, and reports the worst case with the peak, the trough and, if it happened, the point where the series got back to the peak. Losses need larger gains to undo: after a 50% fall the value has to double (a 100% gain) to recover, which is why the recovery figure is 1 ÷ (1 − drawdown) − 1. You can enter values or prices, or a list of periodic returns, which are compounded from 100. It is a description of past behaviour and is not financial advice.
Your numbers, step by step
About the Maximum Drawdown calculator
This maximum drawdown calculator finds the worst fall from a high point to a later low point in a series of portfolio values, fund prices or index levels. Paste the values oldest first, or a list of periodic returns that it compounds from 100, and it reports the maximum drawdown, the peak and the trough, the gain needed to get back to the peak, whether and when the series recovered, how far below its high it is now, and the change from first to last. Pick a spacing such as monthly with the date of the first value, and the peak and trough are labelled with dates instead of positions. A chart shows the values against the highest value so far. Investors and students use it to compare how painful the falls in different funds have been. Every step is shown, and it is not financial advice.
How to use it
- Choose what “I have”: “Values or prices” or “Periodic returns (%)”.
- Paste the “Values, oldest first” or the “Returns (%), oldest first”.
- Optionally set the “Time between values” and the “Date of the first value” to see dates.
- Read the maximum drawdown, then the gain needed to recover and the current drawdown.
Worked example
Monthly values of 100, 108, 115, 109, 96, 88, 93, 101, 112, 118, 110 and 104, starting on 31 January 2025, peak at 115 on 31 March 2025 and fall to 88 on 30 June 2025. The maximum drawdown is 1 − 88 ÷ 115 = 23.48%, and getting back needs a gain of 1 ÷ (1 − 0.2348) − 1 = 30.68%. The series regained the peak on 31 October 2025, and at 104 it is now 11.86% below its high of 118.
Updated
Questions people ask
How do I calculate maximum drawdown?
Track the highest value so far, work out how far each value is below it as 1 − value ÷ peak, and take the largest of those falls. The calculator does this for every point in your list.
Why does a 50% loss need a 100% gain to recover?
After a 50% fall, the value is half of what it was, so it has to double to get back. The gain needed is 1 ÷ (1 − drawdown) − 1, which grows quickly as the drawdown gets larger.
Can I use returns instead of prices?
Yes. Choose periodic returns and the calculator compounds them from a starting value of 100, then finds the drawdown from that series. Each return must be above −100%.
Does the frequency of the data change the drawdown?
It can. Daily values catch dips that monthly values miss, so the same investment usually shows a deeper drawdown with more frequent data. Compare funds using the same frequency and period.
What does maximum drawdown not tell me?
It shows only the single worst fall in the period you entered, not how often falls happen or how risky the future is. For risk-adjusted returns, see the Sharpe ratio calculator; for decisions about your own money, speak to a qualified financial adviser.