Why drawdown math is brutal

Losses and gains are not symmetric. A drawdown of 20% needs a 25% gain to recover; a 50% drawdown needs a punishing 100% gain just to get back to break-even. This calculator shows the recovery gain required for any loss.

The recovery formula

Recovery gain % = (1 ÷ (1 − drawdown %) − 1) × 100

The lesson: protecting capital beats chasing returns. That is the entire design principle behind Apex Drawdown Zero — cap the drawdown so you never face an impossible recovery.