Time under water
The share of time a portfolio spent below its previous peak: a measure of how long a drawdown lasted rather than how deep it went.
How to read the number
It answers the question depth ignores — how long the owner had to look at an account still worth less than before. Patience runs out from duration as often as from size.
When the metric lies
The figure depends on the starting point and on how often the value is observed: measured daily it is noticeably larger than measured monthly, for the very same portfolio.
Also known as: underwater period