Drawdown recovery
A loss and the gain needed to recover are not symmetrical.
Interactive tools
Small assumptions, large consequences.
Translate drawdowns, turnover costs and compounding assumptions into quantities that are easier to challenge.
Turnover cost drag
A simple one-way turnover × cost estimate. It excludes market impact and taxes.
Deterministic compounding
Arithmetic illustration only. Real returns are volatile and path dependent.
How to use these tools
Use ranges, not a single favorable input. Double the cost estimate. Test a drawdown worse than the historical maximum. Compare the result with the time and liquidity you actually have.