The worst peak-to-trough fall over the period — the pain you'd have felt buying the top.
How to read it
Ask: could I have held through that fall? A strategy you'd abandon mid-drawdown is not your strategy.
Example
A 50% drawdown needs a 100% rally just to get back to even — losses are asymmetric.
Related terms
Definitions describe how Easy Sahm computes and reads each figure. Analysis, not financial advice.