[{"data":1,"prerenderedAt":825},["ShallowReactive",2],{"\u002Fzh\u002Fguides\u002Fmaximum-drawdown-explained":3,"\u002Fzh\u002Fguides\u002Fmaximum-drawdown-explained-surround":810,"\u002Fzh\u002Fguides\u002Fmaximum-drawdown-explained-langs":821},{"id":4,"title":5,"authors":6,"badge":12,"body":14,"date":798,"description":799,"draft":800,"extension":801,"image":802,"meta":804,"navigation":805,"path":806,"seo":807,"stem":808,"updated":798,"__hash__":809},"posts\u002Fzh\u002F3.guides\u002F14.maximum-drawdown-explained.md","最大回撤详解：一路走来有多煎熬，看这个数字就知道（{YEAR} 年版）",[7],{"name":8,"to":9,"avatar":10},"ShowMyTrades Team","https:\u002F\u002Fshowmytrades.com",{"src":11},"\u002Ficon-512.png",{"label":13},"风险",{"type":15,"value":16,"toc":784},"minimark",[17,22,26,29,32,36,39,42,48,51,58,64,70,74,77,135,142,153,160,166,174,178,181,184,343,346,352,357,378,381,391,404,408,415,453,460,466,472,477,488,499,506,510,518,524,538,545,553,557,560,630,644,648,681,685,691,697,703,714,725,735,739,766,769,777],[18,19,21],"h2",{"id":20},"两个账户同样的收益","📉 两个账户，同样的收益",[23,24,25],"p",{},"两个账户全年都赚了 40%。一个您能拿到年底；另一个，您多半会在最难熬的时候平掉，而三周之后它就回来了。",[23,27,28],{},"区分这两个账户的，就是最大回撤。业绩记录上的其他统计讲的都是终点，回撤讲的是一路上的颠簸。",[23,30,31],{},"这也是大多数人最后才看、甚至根本不看的数字。醒目的绿色百分比好懂，也好卖；34% 的回撤既不好懂，也不好卖。正因如此，它比上面任何一个数字都更能说明问题。",[18,33,35],{"id":34},"这个数字实际衡量什么","🧮 这个数字实际衡量什么",[23,37,38],{},"最大回撤是账户有史以来从峰值到谷底的最大跌幅，按下跌前那个峰值的百分比计算。",[23,40,41],{},"算法很简单：持续记录一条高水位线，账户每创一次新高，这条线就跟着上移；账户落在线下方时，就量一量差了多少。历史上最深的那一段差距，就是最大回撤：",[23,43,44],{},[45,46,47],"code",{},"(峰值 − 谷值) ÷ 峰值 × 100",[23,49,50],{},"有三点经常被人忽略：",[23,52,53,57],{},[54,55,56],"strong",{},"它不是您亏得最多的那一笔交易","。回撤是累积出来的。连亏十二笔小单，每一笔都严守纪律，挖出的坑照样可能比一笔灾难性交易更深。交易列表看上去干干净净，曲线却可能已经回撤了 30%。",[23,59,60,63],{},[54,61,62],{},"它是历史最大值，不是上限","。它记下的只是到目前为止最糟的情况，并不能保证下个月不会更糟。账户还年轻时，最大回撤低，多半只说明“时间还不够长”。",[23,65,66,69],{},[54,67,68],{},"它永远不会回落","。账户一旦出现过 30% 的回撤，这个数字就永远是 30%，哪怕之后完全回本、又创了十次新高。这是有意为之：交易者没法靠之后一个好年份，把最难看的那一段抹掉。",[18,71,73],{"id":72},"️-净值回撤与余额回撤","⚖️ 净值回撤与余额回撤",[23,75,76],{},"ShowMyTrades 会把两个回撤数字并排显示，而两者相差多少，是整个页面上最有用的信号之一。",[78,79,80,99],"table",{},[81,82,83],"thead",{},[84,85,86,90,93,96],"tr",{},[87,88,89],"th",{},"指标",[87,91,92],{},"计算基础",[87,94,95],{},"是否包含持仓？",[87,97,98],{},"说明什么",[100,101,102,119],"tbody",{},[84,103,104,110,113,116],{},[105,106,107],"td",{},[54,108,109],{},"回撤",[105,111,112],{},"净值（余额 + 浮动盈亏）",[105,114,115],{},"是",[105,117,118],{},"账户当时实际价值跌了多少",[84,120,121,126,129,132],{},[105,122,123],{},[54,124,125],{},"余额回撤",[105,127,128],{},"仅已平仓余额",[105,130,131],{},"否",[105,133,134],{},"已实现结果跌了多少，未平仓的部分一概不算",[23,136,137,141],{},[138,139,125],"a",{"href":140},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance","是两者中更好看的那个，而且天生如此：只要亏损单不平仓，它就永远不会出现在这个数字里。网格、马丁格尔和摊平加仓类系统靠的正是这一点：死扛亏损单不平，余额曲线就能一直保持平滑。",[23,143,144,145,148,149,152],{},"所以，账户显示",[54,146,147],{},"回撤 41%","、",[54,150,151],{},"余额回撤 6%","，并不是哪里出了错。这个系统实际上曾回撤 41%，已平仓结果却只显示出 6% 的低谷。净值数字才说了实话，两者之间的差距，本身就是对这个策略的描述。",[23,154,155],{},[156,157],"img",{"alt":158,"src":159},"一条平滑的余额线位于净值线上方，净值线被亏损的持仓往下拖，两者之间不断扩大的空间被标注为未平仓亏损","\u002Fimages\u002Farticles\u002Fequity-vs-balance.svg",[23,161,162],{},[163,164,165],"em",{},"两条线之间的空白，是一笔已经存在、只是还没入账的亏损。",[23,167,168,169,173],{},"反过来看同样能说明问题。两个数字挨得很近，说明仓位在出现亏损的位置附近就平掉了，这正是止损该起的作用。整个页面各部分怎么配合着看，详见",[138,170,172],{"href":171},"\u002Fguides\u002Freading-a-trading-account-dashboard","控制台解读指南","。",[18,175,177],{"id":176},"回本问题先看深度再看持续时间","🔁 回本问题：先看深度，再看持续时间",[23,179,180],{},"亏损和盈利并不对称，因为两者的计算基数不同。$10,000 亏掉 20%，剩下 $8,000；要回到 $10,000，得在 $8,000 的基础上赚 $2,000，也就是 25%，而不是 20%。",[23,182,183],{},"而且差距拉开得很快：",[78,185,186,201],{},[81,187,188],{},[84,189,190,192,195,198],{},[87,191,109],{},[87,193,194],{},"回到原峰值所需的收益",[87,196,197],{},"收益与亏损之比",[87,199,200],{},"按每月 5% 复利所需月数",[100,202,203,217,231,245,259,273,287,301,315,329],{},[84,204,205,208,211,214],{},[105,206,207],{},"5%",[105,209,210],{},"5.3%",[105,212,213],{},"1.05×",[105,215,216],{},"1.1",[84,218,219,222,225,228],{},[105,220,221],{},"10%",[105,223,224],{},"11.1%",[105,226,227],{},"1.11×",[105,229,230],{},"2.2",[84,232,233,236,239,242],{},[105,234,235],{},"20%",[105,237,238],{},"25.0%",[105,240,241],{},"1.25×",[105,243,244],{},"4.6",[84,246,247,250,253,256],{},[105,248,249],{},"30%",[105,251,252],{},"42.9%",[105,254,255],{},"1.43×",[105,257,258],{},"7.3",[84,260,261,264,267,270],{},[105,262,263],{},"40%",[105,265,266],{},"66.7%",[105,268,269],{},"1.67×",[105,271,272],{},"10.5",[84,274,275,278,281,284],{},[105,276,277],{},"50%",[105,279,280],{},"100.0%",[105,282,283],{},"2.00×",[105,285,286],{},"14.2",[84,288,289,292,295,298],{},[105,290,291],{},"60%",[105,293,294],{},"150.0%",[105,296,297],{},"2.50×",[105,299,300],{},"18.8",[84,302,303,306,309,312],{},[105,304,305],{},"70%",[105,307,308],{},"233.3%",[105,310,311],{},"3.33×",[105,313,314],{},"24.7",[84,316,317,320,323,326],{},[105,318,319],{},"80%",[105,321,322],{},"400.0%",[105,324,325],{},"5.00×",[105,327,328],{},"33.0",[84,330,331,334,337,340],{},[105,332,333],{},"90%",[105,335,336],{},"900.0%",[105,338,339],{},"10.00×",[105,341,342],{},"47.2",[23,344,345],{},"回撤在 20% 以内，这种不对称只是有点麻烦；一旦超过 50%，它就成了这个账户最要命的事：资金得翻一倍才能回到起点，而靠的还是刚刚让资金腰斩的那个策略。",[23,347,348],{},[156,349],{"alt":350,"src":351},"每一笔亏损都与抵消它所需的收益配对：−10% 需要 +11.1%，−25% 需要 +33.3%，−50% 需要 +100%，−70% 需要 +233%","\u002Fimages\u002Farticles\u002Frecovery-asymmetry.svg",[23,353,354],{},[163,355,356],{},"跌得越深，回本那根柱子就比亏损那根长得越多，而且还得由同一个策略来完成。",[23,358,359,363,364,368,369,373,374,173],{},[138,360,362],{"href":361},"\u002Ftools\u002Fdrawdown-calculator","回撤计算器","可以用您自己的余额算出这些数字，并根据您设定的月收益估算回本时间。旁边两个工具也值得一用：",[138,365,367],{"href":366},"\u002Ftools\u002Frisk-of-ruin-calculator","破产风险计算器","，以及",[138,370,372],{"href":371},"\u002Ftools\u002Fposition-size-calculator","仓位计算器","，后者帮您把单笔交易控制得足够小，连续亏损时也扛得住。全部工具见",[138,375,377],{"href":376},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",[23,379,380],{},"深度只是问题的一半。同样是 25% 的回撤，七周内回本，不过是一个糟糕的季度；十四个月后还没回本，就是策略已经失效、只是没人承认。两种情况下的深度数字一模一样，真正把人逼出市场的是持续时间。让人放弃的往往不是又快又猛的那一跌，那时心里还抱着希望，而是不温不火、熬了九个月还没回本的日子。",[23,382,383,384,386,387,390],{},"持续时间看的是图表的形状，而不是某个单一数字。图表模块里的",[54,385,109],{},"视图用柱状图按时间画出每天的回撤：一段又宽又浅的区间，比同样深度的一根尖刺更难熬。",[54,388,389],{},"逐笔交易增长","视图也很有用：它按交易序号而不是日期排列曲线，长时间空仓对曲线的美化就被去掉了。",[23,392,393,394,148,397,148,400,403],{},"再交代一下这里的回撤是怎么来的：ShowMyTrades 公开账户的中位数是 ",[54,395,396],{},"171 笔已平仓交易",[54,398,399],{},"平均持仓时间中位数 2.4 小时",[54,401,402],{},"自动交易占比中位数 99%","（有交易历史的公开账户，2026 年 8 月）。这些大多是节奏快的自动化账户，回撤很少源于某一个错误决定，而是几百个小决定朝着同一个方向错下去。",[18,405,407],{"id":406},"真实账户上的回撤到底是什么样子","📊 真实账户上的回撤到底是什么样子",[23,409,410,411,414],{},"这部分内容，营销页面是不会给您看的。统计范围是 ",[54,412,413],{},"ShowMyTrades 上有交易历史的公开账户","（2026 年 8 月），来自 1 万+ 个已连接账户、超过 1,540 万笔同步交易：",[78,416,417,427],{},[81,418,419],{},[84,420,421,424],{},[87,422,423],{},"达到的最深回撤",[87,425,426],{},"账户占比",[100,428,429,437,445],{},[84,430,431,434],{},[105,432,433],{},"低于 5%",[105,435,436],{},"38.5%",[84,438,439,442],{},[105,440,441],{},"超过 20%",[105,443,444],{},"38.2%",[84,446,447,450],{},[105,448,449],{},"超过 50%",[105,451,452],{},"17.6%",[23,454,455,456,459],{},"中位数是 ",[54,457,458],{},"9.7%","，而分布的形态很值得玩味：38.5% 的账户回撤从未超过 5%，38.2% 曾超过 20%，夹在中间的只有大约四分之一。这里的账户，要么是真保守，要么是真不保守。",[23,461,462,463,465],{},"再看尾部：",[54,464,452],{}," 的账户曾在某个时候比峰值低了 50% 以上。这些账户每一个都得赚 100%，才能回到原来的水平。",[23,467,468],{},[156,469],{"alt":470,"src":471},"有交易历史的 ShowMyTrades 公开账户的四个回撤区间：38.5% 低于 5%，23.3% 在 5% 到 20%，20.6% 在 20% 到 50%，17.6% 超过 50%，中位数 9.7%","\u002Fimages\u002Farticles\u002Fdrawdown-distribution.svg",[23,473,474],{},[163,475,476],{},"单看一个回撤数字说明不了什么，得先知道它落在这个分布的哪个位置。",[23,478,479,480,483,484,487],{},"接下来把回撤和收益放在一起看。同一批账户里，",[54,481,482],{},"时间加权收益率中位数为 +3.2%","，按时间加权计算 ",[54,485,486],{},"63.0% 的账户为正收益","。这两个中位数描述的是不同的账户，不能相除得出比率，但足以说明量级：在这里，平平的收益往往伴随着几倍于它的回撤。哪份记录把这层关系倒了过来，就最值得追问。",[23,489,490,491,494,495,498],{},"再看另一组数字：",[54,492,493],{},"盈利因子中位数为 1.28","，",[54,496,497],{},"胜率中位数为 68.8%","。多数账户大部分交易都赚钱，最后却只是勉强领先，说明偶尔出现的亏损远比盈利大。突发回撤正是出在这种账户上：先是长时间风平浪静、胜率很高，然后一连串巨额亏损接踵而来。",[23,500,501,502,173],{},"所以，看到三位数的收益旁边标着 4% 的最大回撤，最好停下来想一想。对照上面的分布，这已经不只是成绩好坏的问题，而是关系到账户是怎么衡量的，首先要查的就是历史有多长。其余该按什么顺序查，见",[138,503,505],{"href":504},"\u002Fguides\u002Fverifying-trading-performance-claims","如何验证业绩宣传",[18,507,509],{"id":508},"自营交易公司如何计算回撤","🏦 自营交易公司如何计算回撤",[23,511,512,513,517],{},"如果您交易的是",[138,514,516],{"href":515},"\u002Fglossary\u002Fwhat-is-a-funded-account","资金账户","，回撤就不再只是诊断指标，而是一条规则。各家公司的细节不尽相同，但大多同时执行两条限制。",[23,519,520,523],{},[54,521,522],{},"每日亏损限制","。以交易日开始时的净值为基准，按公司的服务器时间重置。它按净值计算，持仓的浮动亏损一出现就算数，不用平掉任何仓位也可能触线。",[23,525,526,529,530,533,534,537],{},[54,527,528],{},"总（或最大）回撤限制","。从一条底线算起，底线分两种：",[54,531,532],{},"静态","底线固定在初始余额；",[54,535,536],{},"追踪","底线跟着最高净值走，有的一路跟到底，有的在账户盈利达到一定金额后锁定。用追踪底线时，每赚一段钱，判您失败的那条线也跟着抬高。",[23,539,540,541,544],{},"由此得出两点。第一，两条限制都按净值算，所以",[54,542,543],{},"余额回撤与合规无关","：死扛亏损单的系统，已平仓结果看着风平浪静，照样可能一个下午就突破每日净值限制。第二，追踪底线对利润回吐的惩罚比静态底线狠得多，顺利了一周之后，仓位大小就该相应调整。",[23,546,547,548,552],{},"关于产品本身，要说清楚：ShowMyTrades 不执行自营交易公司的规则，也从不动您的持仓。为账户开启 ",[138,549,551],{"href":550},"\u002Fprop-shield","Prop Shield","，填入公司规定的各项限制，它就会在日亏损、最大回撤和盈利目标上提醒您，方式可以是站内通知、Telegram 或邮件。页面本身则只显示账户达到过的最大净值回撤，大多数公司的总限制也正是以此衡量：这是一份记录，不是实时的规则检查。",[18,554,556],{"id":555},"如何在账户页面上读回撤","🔎 如何在账户页面上读回撤",[23,558,559],{},"下面这些都在实时账户页面上，每个数字都来自经纪商连接，而不是某人填的表。",[561,562,563,575,581,587,593,602,613,619],"ul",{},[564,565,566,173,569,571,572,574],"li",{},[54,567,568],{},"统计面板",[45,570,109],{}," 和 ",[45,573,125],{}," 上下相邻，紧接在增长、绝对增长和两行平均收益下面，每一行都有提示框给出定义。这两个数字一定要放在一起看。",[564,576,577,580],{},[54,578,579],{},"图表模块：回撤","。回撤水下图（underwater），以百分比柱状图按时间显示，持续时间在这里一目了然。",[564,582,583,586],{},[54,584,585],{},"图表模块：盈利曲线","。已平仓盈亏，下方画着回撤，回撤深度与造成它的交易一一对应。",[564,588,589,592],{},[54,590,591],{},"图表模块：净值曲线","。余额和净值两条线。两者长期分开，中间就是浮动亏损，想找出死扛亏损单不平的系统，看这里最快。",[564,594,595,601],{},[54,596,597],{},[138,598,600],{"href":599},"\u002Fguides\u002Fmonthly-returns-table-explained","月度收益表","。要找的是最差的月份，不是最好的。最差的那种月份，还会再来。",[564,603,604,607,608,612],{},[54,605,606],{},"高级统计","。标准差看离散程度，夏普比率看每单位波动换来的收益，",[138,609,611],{"href":610},"\u002Fglossary\u002Fwhat-is-a-z-score-in-trading","Z 值看盈亏是否扎堆出现","。Z 值显示出强烈的连串性，就是摊平加仓系统的典型特征。",[564,614,615,618],{},[54,616,617],{},"交易表格","。打开亏损的那段时间，逐笔看看点数、毛利润、持续时间、库存费和佣金。",[564,620,621,624,625,629],{},[54,622,623],{},"探索和小组件","。在",[138,626,628],{"href":627},"\u002Fexplore","探索","动态里，新发布的账户会直接显示平台、增长、回撤和余额。可嵌入的小组件有回撤 % 图表、盈利 + 回撤图表，以及包含增长、回撤、余额和净值的统计卡片。",[23,631,632,633,148,636,639,640,173],{},"有一点比上面所有内容都重要：数据没有经过经纪商验证，这些数字就毫无意义。在我们自己的平台上，只有 ",[54,634,635],{},"65 个账户带有“业绩记录已验证”",[54,637,638],{},"264 个账户带有“交易权限已验证”","，所以徽章要亲自核实，不能想当然：参见",[138,641,643],{"href":642},"\u002Fguides\u002Fverified-vs-unverified-track-records","经验证与未经验证的业绩记录",[18,645,647],{"id":646},"️-回撤的五个常见误区","⚠️ 回撤的五个常见误区",[649,650,651,657,663,669,675],"ol",{},[564,652,653,656],{},[54,654,655],{},"只看深度，不看时长","。60 笔交易的 4% 最大回撤只是噪音；同样的数字出现在四年、8,000 笔交易上，才算证据。看百分比之前，先查交易笔数和开始日期。",[564,658,659,662],{},[54,660,661],{},"因为余额回撤更小就拿它说事","。有人宣传回撤却不说是哪一个，就当它是好看的那个，自己去找净值数字。",[564,664,665,668],{},[54,666,667],{},"把最大值当成上限","。它是已经出现过的最坏结果，不是可能出现的最坏结果。一个从未突破 10% 的策略，只说明了它在迄今遇到的行情里表现如何。",[564,670,671,674],{},[54,672,673],{},"拿不同风险设置下的回撤作比较","。同一个策略手数加倍，回撤大约也会翻倍，并没有告诉您任何新东西。回撤要和它换来的收益比，不要孤立地和别的账户的回撤比。",[564,676,677,680],{},[54,678,679],{},"把一次回本当作稳健的证明","。一个从 55% 回撤中回来的账户活下来了，您知道的也就这么多。同样的交易换个顺序，它可能就爆仓了，而顺序不是本事。",[18,682,684],{"id":683},"常见问题","❓ 常见问题",[23,686,687,690],{},[54,688,689],{},"最大回撤多少算好？","\n没有统一的标准，只能看比例：把回撤和它换来的收益、回本花的时间放在一起判断。作为参考，我们有历史记录的公开账户中，最深回撤的中位数是 9.7%，其中 38.5% 一直保持在 5% 以下。",[23,692,693,696],{},[54,694,695],{},"我该公布哪个数字，净值的还是余额的？","\n净值的。它更大，也更诚实，任何专业看您记录的人都会找这个数字。只公布余额回撤，别人难免会想您是有意为之。",[23,698,699,702],{},[54,700,701],{},"最大回撤会随时间降低吗？","\n不会，它只升不降。净值创新高不会让它归零，一个好年份也抹不掉它。",[23,704,705,708,709,713],{},[54,706,707],{},"入金会降低我的回撤吗？","\n不会。",[138,710,712],{"href":711},"\u002Fguides\u002Ftime-weighted-return-explained","这里的增长按时间加权计算","，资金进出本来就被剔除在外。最大回撤是历史最大值：今天到账的钱只会改变今天以后的余额，已经发生过的下跌抹不掉。",[23,715,716,719,720,724],{},[54,717,718],{},"我的账户显示回撤 8%，余额回撤却是 35%。是程序出错了吗？","\n少见，但有可能：未平仓盈利把净值抬了上去，已平仓结果却在下跌，就会出现这种情况。看看",[138,721,723],{"href":722},"\u002Fglossary\u002Fwhat-is-an-equity-curve","净值曲线","：如果净值线远高于余额线，说明您手里有大量浮动盈利，而这些在平仓之前都不算结果。",[23,726,727,730,731,173],{},[54,728,729],{},"怎样追踪自己账户的回撤？","\n以只读方式连接账户，让回撤自动持续计算，不用事后再拿对账单去还原。具体方法见",[138,732,734],{"href":733},"\u002Fguides\u002Ftracking-trading-performance","追踪您的交易表现",[18,736,738],{"id":737},"相关指南","🔗 相关指南",[561,740,741,747,753,759],{},[564,742,743,746],{},[138,744,745],{"href":171},"如何读懂交易账户控制台","：页面上的其他各项指标，以及哪些可以被做手脚",[564,748,749,752],{},[138,750,751],{"href":733},"交易表现追踪完全指南","：怎样持续盯住回撤，而不是事后才发现",[564,754,755,758],{},[138,756,757],{"href":504},"如何验证交易业绩宣传","：面对“300% 收益、4% 回撤”这类推销时的核查清单",[564,760,761,765],{},[138,762,764],{"href":763},"\u002Fguides\u002Fhow-to-verify-your-account","如何验证您的交易账户","：拿到两个徽章，让您自己的回撤数字也能作为证据",[767,768],"hr",{},[23,770,771,173,774,776],{},[54,772,773],{},"看看真实的分布",[138,775,628],{"href":627},"上的账户都是实时的、与经纪商同步的，回撤也全部摆在那里，深的浅的都有。中位数正是因此才有意义。",[23,778,779,783],{},[138,780,782],{"href":781},"\u002Fsignup","免费连接您的账户","，只需只读投资者密码，您自己的回撤从第一天起就开始计算，不用日后再去还原。",{"title":785,"searchDepth":786,"depth":786,"links":787},"",2,[788,789,790,791,792,793,794,795,796,797],{"id":20,"depth":786,"text":21},{"id":34,"depth":786,"text":35},{"id":72,"depth":786,"text":73},{"id":176,"depth":786,"text":177},{"id":406,"depth":786,"text":407},{"id":508,"depth":786,"text":509},{"id":555,"depth":786,"text":556},{"id":646,"depth":786,"text":647},{"id":683,"depth":786,"text":684},{"id":737,"depth":786,"text":738},"2026-08-19T00:00:00.000Z","两个账户全年都赚了 40%，但只有一个让人扛得下来。本文讲清最大回撤衡量的是什么、回本要算的账，以及数千个真实账户的实际情况。",false,"md",{"src":803},"\u002Fimages\u002Fblog\u002Fmaximum-drawdown-explained-hero.svg",{},true,"\u002Fzh\u002Fguides\u002Fmaximum-drawdown-explained",{"title":5,"description":799},"zh\u002F3.guides\u002F14.maximum-drawdown-explained","qD3H0zNko4y3ac0CWNkt53GJO8E4VQCgaWIJ8t-Z2Uk",[811,816],{"title":812,"path":813,"stem":814,"description":815,"children":-1},"时间加权收益率详解：为什么入金无法抬高您的业绩（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Ftime-weighted-return-explained","zh\u002F3.guides\u002F13.time-weighted-return-explained","一笔 $10,000 的入金能让余额翻倍，交易水平却不会因此翻倍。本文讲清时间加权收益率如何剔除资金进出、与绝对增长率有何区别，以及两者各自什么时候可信。",{"title":817,"path":818,"stem":819,"description":820,"children":-1},"解读月度收益表：十二个格子里藏着的策略真相（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Fmonthly-returns-table-explained","zh\u002F3.guides\u002F15.monthly-returns-table-explained","一年十二格，比全年总数更能说明问题：整行不见红为什么反而要警惕，空白格代表什么，单个月份又能证明多少。",[822,824],{"path":823},"\u002Fguides\u002Fmaximum-drawdown-explained",{"path":806},1793890591770]