**Maximum Drawdown**

The largest peak-to-trough decline in cumulative PnL observed during the run.

If the equity curve reached a high of +500 USDC then fell to +200 USDC before recovering, the max drawdown is −300 USDC.

A smaller (less negative) max drawdown indicates a smoother equity curve with less capital at risk at any point in time. It is a key measure of downside risk.
