SPY underwater curve: month end close against its running peak, 2016 to 2026
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-05, from What Is Maximum Drawdown? Depth vs Recovery.
| month | drawdown_pct |
|---|---|
| 2016-01 | 0 |
| 2016-02 | -0.11 |
| 2016-03 | 0 |
| 2016-04 | 0 |
| 2016-05 | 0 |
| 2016-06 | -0.19 |
| 2016-07 | 0 |
| 2016-08 | 0 |
| 2016-09 | -0.47 |
| 2016-10 | -2.24 |
| 2016-11 | 0 |
| 2016-12 | 0 |
| 2017-01 | 0 |
| 2017-02 | 0 |
| 2017-03 | -0.34 |
| 2017-04 | 0 |
| 2017-05 | 0 |
| 2017-06 | 0 |
| 2017-07 | 0 |
| 2017-08 | 0 |
| 2017-09 | 0 |
| 2017-10 | 0 |
| 2017-11 | 0 |
| 2017-12 | 0 |
| 2018-01 | 0 |
| 2018-02 | -3.75 |
| 2018-03 | -6.53 |
| 2018-04 | -6.19 |
| 2018-05 | -3.96 |
| 2018-06 | -3.8 |
| 2018-07 | -0.24 |
| 2018-08 | 0 |
| 2018-09 | 0 |
| 2018-10 | -6.85 |
| 2018-11 | -5.11 |
| 2018-12 | -13.93 |
| 2019-01 | -7.13 |
| 2019-02 | -4.15 |
| 2019-03 | -2.75 |
| 2019-04 | 0 |
| 2019-05 | -6.33 |
| 2019-06 | -0.3 |
| 2019-07 | 0 |
| 2019-08 | -1.65 |
| 2019-09 | -0.18 |
| 2019-10 | 0 |
| 2019-11 | 0 |
| 2019-12 | 0 |
| 2020-01 | -0.05 |
| 2020-02 | -7.99 |
| 2020-03 | -19.94 |
| 2020-04 | -9.79 |
| 2020-05 | -5.51 |
| 2020-06 | -4.14 |
| 2020-07 | 0 |
| 2020-08 | 0 |
| 2020-09 | -4.14 |
| 2020-10 | -6.53 |
| 2020-11 | 0 |
| 2020-12 | 0 |
| 2021-01 | -0.98 |
| 2021-02 | 0 |
| 2021-03 | 0 |
| 2021-04 | 0 |
| 2021-05 | 0 |
| 2021-06 | 0 |
| 2021-07 | 0 |
| 2021-08 | 0 |
| 2021-09 | -4.97 |
| 2021-10 | 0 |
| 2021-11 | -0.74 |
| 2021-12 | 0 |
| 2022-01 | -5.28 |
| 2022-02 | -8.05 |
| 2022-03 | -4.89 |
| 2022-04 | -13.23 |
| 2022-05 | -13.04 |
| 2022-06 | -20.55 |
| 2022-07 | -13.23 |
| 2022-08 | -16.79 |
| 2022-09 | -24.78 |
| 2022-10 | -18.67 |
| 2022-11 | -14.2 |
| 2022-12 | -19.47 |
| 2023-01 | -14.41 |
| 2023-02 | -16.57 |
| 2023-03 | -13.8 |
| 2023-04 | -12.41 |
| 2023-05 | -12.01 |
| 2023-06 | -6.66 |
| 2023-07 | -3.6 |
| 2023-08 | -5.18 |
| 2023-09 | -10 |
| 2023-10 | -11.93 |
| 2023-11 | -3.91 |
| 2023-12 | 0 |
| 2024-01 | 0 |
| 2024-02 | 0 |
| 2024-03 | 0 |
| 2024-04 | -4.03 |
| 2024-05 | 0 |
| 2024-06 | 0 |
| 2024-07 | 0 |
| 2024-08 | 0 |
| 2024-09 | 0 |
| 2024-10 | -0.95 |
| 2024-11 | 0 |
| 2024-12 | -2.75 |
| 2025-01 | -0.12 |
| 2025-02 | -1.41 |
| 2025-03 | -7.2 |
| 2025-04 | -8 |
| 2025-05 | -2.17 |
| 2025-06 | 0 |
| 2025-07 | 0 |
| 2025-08 | 0 |
| 2025-09 | 0 |
| 2025-10 | 0 |
| 2025-11 | 0 |
| 2025-12 | -0.23 |
| 2026-01 | 0 |
| 2026-02 | -0.81 |
| 2026-03 | -6.02 |
| 2026-04 | 0 |
| 2026-05 | 0 |
| 2026-06 | -1.33 |
| 2026-07 | -1.27 |
- Rows × columns
- 127 × 2
- Period covered
- to
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
month |
date | 2016-01 to 2026-07 | |
drawdown_pct |
number | -24.78 to 0 | percent |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
the exact SQL behind every number
WITH monthly AS (
SELECT toStartOfMonth(toDate(toTimeZone(window_start, 'America/New_York'))) AS month_start,
argMax(toFloat64(close), window_start) AS close_px
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
AND toDate(toTimeZone(window_start, 'America/New_York')) >= toDate('2016-01-01')
AND toDate(toTimeZone(window_start, 'America/New_York')) <= toDate('2026-07-31')
AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60
+ toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY month_start
),
runs AS (
SELECT month_start,
close_px,
max(close_px) OVER (ORDER BY month_start
ROWS BETWEEN UNBOUNDED PRECEDING AND CURRENT ROW) AS running_peak
FROM monthly
)
SELECT formatDateTime(month_start, '%Y-%m') AS month,
round(100 * (close_px / running_peak - 1), 2) AS drawdown_pct
FROM runs
ORDER BY month_start
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