Drawdown
The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough.
Investopedia Commentary
Basically a drawdown is from the time a retrenchment begins to when a new high is reached (because you won't know the valley until the new high is reached).
See also: Calmar Ratio, Sterling Ratio
drawdown (drô'doun') Pronunciation Key
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