Time under water is the risk a summary statistic leaves out100200strategyrunning peakvalue (log scale, start = 100)Log axis: equal vertical distance means equal percentage movestrategyrunning peak02468-60-50-40-30-20-100max drawdown -54%longest underwater: 4.1 yearsyearsdrawdown from peak (%)Underwater: loss measured from the running peak, not the startTime under water is the risk a summary statistic leaves out