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Calmar Ratio Calculator

Measure return per unit of worst-case loss — risk-adjusted performance for the drawdown-averse.

Worst-Case Focus

Uses maximum drawdown, not overall volatility

Return per Drawdown

How much return you earn for each unit of loss risk

Sharpe Complement

Pairs with the Sharpe ratio for a fuller risk view

Calmar Ratio
Measure return per unit of worst-case loss: annualised return divided by the maximum drawdown.
%

Compound annual growth rate, typically over 3 years.

%

The largest peak-to-trough fall, as a positive number.

How the Calmar Ratio Works

The Formula

Calmar = Annualised Return ÷ Maximum Drawdown

Both are percentages, so the ratio is a pure number. A Calmar of 1.0 means you earned an annual return equal to your worst peak-to-trough loss; higher is better.

Why Drawdown, Not Volatility

Many investors do not mind upside volatility — they fear deep, lasting losses. By dividing by maximum drawdown, the Calmar ratio speaks directly to that fear, where the Sharpe ratio penalises all variability equally.

Full Portfolio Analytics

Want deeper insights?

This calculator scores one return series on its maximum drawdown. ARIA computes drawdowns, Calmar, Sharpe, and other risk-adjusted metrics live across your real portfolio — comparing strategies on the risk that actually matters, not a single manual figure.

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Frequently Asked Questions