The backtest below is a simple strategy where you buy SPY when the 15 day MA is above the 63 day MA and sell when 15 day MA crosses below 63 day MA. My question: The max drawdown from this strategy is calculated to be 15.8%. How is that number calculated? I hold SPY, which should track the benchmark fairly well, for several months in some cases. I would expect the maximum drawdown to be near 100%. Is the "max" drawdown actually the average drawdown?