Maximum Drawdown Explained: What It Reveals About Risk
Maximum drawdown exposes the real cost of a strategy, not its average year. Here's how to read it, calculate it, and use it without fooling yourself.
Sharpe Ratio vs Sortino Ratio: A Trader’s Framework
Sharpe and Sortino ratios both measure risk-adjusted performance, but they answer different questions. Traders who understand the distinction avoid misreading their own returns.