Losses and gains are mathematically asymmetric. The required gain to recover from a drawdown is always larger than the drawdown itself, and the gap widens as the drawdown grows.

Required Gain = (Loss % ÷ (100 − Loss %)) × 100

Here is how the numbers scale:

• A 10% drawdown requires an 11.1% gain to recover.

• A 20% drawdown requires a 25% gain.

• A 30% drawdown requires a 42.9% gain.

• A 50% drawdown requires a 100% gain.

• A 75% drawdown requires a 300% gain.