{
  "slug": "calmar-ratio",
  "name": "Calmar Ratio",
  "category": "Risk-Adjusted Performance",
  "description": "Compound annual return divided by maximum drawdown over a 36-month period. Popular among CTAs.",
  "formula": "Calmar = CAGR / |Max Drawdown|",
  "formula_latex": "\\text{Calmar} = \\dfrac{\\text{CAGR}}{|\\text{Max Drawdown}|}",
  "parameters": [
    {
      "name": "CAGR",
      "symbol": "CAGR",
      "type": "percent",
      "default": 0.15
    },
    {
      "name": "Max Drawdown (absolute)",
      "symbol": "MDD",
      "type": "percent",
      "default": 0.2,
      "min": 0.0001
    }
  ],
  "outputs": [
    {
      "name": "Calmar Ratio",
      "symbol": "Calmar",
      "type": "number",
      "description": "Return per unit of worst-loss"
    }
  ],
  "worked_example": {
    "narrative": "A CTA with 15% CAGR and 20% max drawdown.",
    "inputs": {
      "CAGR": 0.15,
      "MDD": 0.2
    },
    "expected_outputs": {
      "calmar": 0.75
    }
  },
  "limitations": [
    "Sample-size dependent (single max-drawdown event)",
    "Sensitive to lookback window"
  ],
  "alternatives": [
    {
      "slug": "sterling-ratio",
      "when_to_prefer": "Use average of N largest drawdowns instead of just max"
    }
  ],
  "related_terms": [
    "calmar-ratio",
    "max-drawdown",
    "cagr"
  ]
}