Before revision: Estimating Sharpe ratios requires the computation of the moments of price returns, which is problematic because the latter are heavy-tailed. On the other hand, the total duration of drawdowns of a time series, or equivalently the number of its upper price records, follows a Gaussian distribution that depends on its true Sharpe ratio.
After revision: The total duration of drawdowns of a time series, or equivalently the number of its upper price records, follows a Gaussian distribution that depends on its true Sharpe ratio.