Spreadsheet: 165705d1341323680-excel-2007-counting-the-recovery-time-of-multiple-drawdowns-test-marcol
Sheet: Spiros - Short Version 

 | 2009-01-01 00:00:00
 | Date | Cumulative             Return | [NAME] | Recovery Time (days)
 |  |  | 1
 |  | -0.008960651272643047
 |  | -0.04924597725190713
 |  | 0.1895072406595795 |  |  | 2
 |  | 0.1404566500317336
 |  | -0.1088087737125268
 |  | 0.2551747006901101 |  |  | 2
 |  | 0.387778540975004
 |  | 0.3392797228501913
 |  | 0.4185679612508558 |  |  | 1
 |  | -0.06070774543920012
 |  | 0.4402639399910508 |  |  | 1
 |  | 0.2743683071017294
 |  | 0.3580800279459532
 |  | 0.6235910133548914 |  |  | 2
 |  | 0.7700542796211897
 |  | 0.7172300126865251
 |  | 0.9826236358033836 |  |  | 1
 |  | 0.7996130645311901
 |  | 0.6397104006368073
 |  | 0.5912771503162403
 |  | 0.6387132993875113
 |  | 0.6965426745164537
 |  | 0.7705739611772393
 |  | 0.4874812847220784
 |  | 0.717510756024133
 |  | 0.6467460266705256
 |  | 0.6256171313086103
 |  | 0.6652118645823716
 |  | 0.8560944723402765
 |  | 1.016379195498497 |  |  | 12
 |  | 0.6964071110933033
 |  | 0.6582464369950697
 |  | 0.6406681607508046
 |  | 0.6076045786935873
 |  | 0.9028077432774663
 |  | 1.008145725294341
 |  | 0.905586137965395
 |  | 1.0570183763675 |  |  | 7
 |  | 0.9618125839872269
 |  | 1.145949489058328 |  |  | 1
 |  | 1.152923720677726
 |  | 0.8635111553735066
 |  | 0.8190454786708338
 |  | 1.294559125907815 |  |  | 3
 |  | 1.415882862579776
 |  | 1.390640284170083
 |  | 1.662490161997966 |  |  | 1
 |  | 1.519205704758543
 |  | 1.611662852736206
 |  | 1.573886696576742
 |  | 1.45232734992735
 |  | 1.051008840049077
 |  | 0.8982967423315478
 |  | 1.751650821406533 |  |  | 6
 |  | 2.008859939627513
 |  | 1.571570832719669
 |  | 0.927499520574419
 |  | 1.162704861501408
 |  | 1.271076027379289
 |  | 0.9630031614585459
 |  | 0.3707872476478222
 |  | 0.6676016482499469
 |  | 0.8937665469191922
 |  | 0.6488811261870353
 |  | 0.8642732282722689
 |  | 0.9868646283467701
 |  | 1.130432272618555
 |  | 1.049304862190211
 |  | 1.075973364907619
 |  | 1.019065858264561
 |  | 0.9418864871609945
 |  | 0.9507320356118911
 |  | 0.7271242840126255
 |  | 0.7782616433789542
 |  | 0.949954141173607
 |  | 0.8795333389211686
 |  | 1.004730277566234
 |  | 1.108330220440418
 |  | 1.417598913314065
 |  | 1.229402340719959
 |  | 1.113984787821911
 |  | 1.258605776085272
 |  | 1.376784053356188
 |  | 1.282236447591612
 |  | 1.446783260824785
 |  | 1.395837146124757
 |  | 1.65286970888702
 |  | 1.69991871804849
 |  | 1.648612043418872
 |  | 1.658692166744115
 |  | 1.678155266464089
 |  | 1.520740304664557
 |  | 1.495926610198853
 |  | 1.566460721713678
 |  | 1.570263412606587
 |  | 1.445666149200105
 |  | 1.517890144185369
 |  | 1.611725728228468
 |  | 1.282706836084111
 |  | 1.175102870963582
 |  | 1.276597162635342
 |  | 1.390673664485019
 |  | 1.540120440327165
 |  | 1.445635353541669
 |  | 1.697513861211754
 |  | 1.552516269586779
 |  | 1.562753618568506
 |  | 1.140940943603687
 |  | 1.313006808776908
 |  | 1.393664474140361
 |  | 0.9522451642559163
 |  | 1.048178094582158
 |  | 0.8708704972609809
 |  | 1.012764903615085
 |  | 1.017042632552914
 |  | 0.9696852492329542
 |  | 0.8081543334779008
 |  | 0.9488031979990632
 |  | 1.220685802508358
 |  | 0.8270447932192402
 |  | 1.333611997193301
 |  | 1.618220761673849
 |  | 1.443791743963166
 |  | 1.477031061987003
 |  | 1.307694196760587
 |  | 1.548785061307852
 |  | 1.616337400723729
 |  | 1.581835630457205
 |  | 1.490518015807236
 |  | 1.510056575986046
 |  | 1.780100241820122
 |  | 1.419917681456767
 |  | 1.284606302901196
 |  | 1.293731600626858
 |  | 1.367396519223978
 |  | 1.448769373016618
 |  | 1.35889971723825
 |  | 1.342981324781535
 |  | 1.195950092500654
 |  | 1.143291428874437
 |  | 1.16817591600872
 |  | 1.380817124321861
 |  | 1.194892328279534
 |  | 1.565655081289079
 |  | 1.265848180108289
 |  | 1.186800492810132
 |  | 0.8941014759684134
 |  | 1.169146004035401
 |  | 1.0777666570414
 |  | 1.066218025409398
 |  | 1.074382808146358
 |  | 1.12663992940564
 |  | 1.201451374057207
 |  | 0.9598595549964861
 |  | 1.172185026628148
 |  | 1.367324731609067
 |  | 1.441874405766312
 |  | 1.162359811489319
 |  | 1.566266313593753
 |  | 1.600672799774257
 |  | 1.429565876023194
 |  | 1.166356142878286
 |  | 1.841473812898342
 |  | 1.618046655079543
 |  | 1.769987923198096
 |  | 1.520139551355174
 |  | 1.51959636142028
 |  | 1.520698156282229
 |  | 1.230445986457622
 |  | 1.607381027081274
 |  | 1.0762756251194
 |  | 0.9261674688282311
 |  | 1.388749875645564
 |  | 1.373316017016133
 |  | 1.358065436452016
 |  | 1.435706468815587
 |  | 1.498328353127262
 |  | 1.352984553039906
 |  | 1.509635578218281
 |  | 1.380535283449978
 |  | 1.772815090598923
 |  | 1.533951714978991
 |  | 1.366569098935179
 |  | 1.558323693646711
 |  | 1.458538965109877
 |  | 1.561025779669114
 |  | 1.653908957834809
 |  | 1.551972029566917
 |  | 1.66336242273016
 |  | 1.403622017283347
 |  | 1.130584276256878
 |  | 1.507742590300757
 |  | 1.407963269279062
 |  | 1.622608721026649
 |  | 1.567752681591964
 |  | 1.583034826087278
 |  | 1.688173562978711
 |  | 1.561788498922992
 |  | 0.8844198376723279
 |  | 0.8366322442974607
 |  | 1.09033653736051
 |  | 1.205584156751197
 |  | 0.9782754947326132
 |  | 0.963729765133009
 |  | 1.330736970896543
 |  | 1.386827729919275
 |  | 1.332036451117466
 |  | 1.320679333156261
 |  | 1.288767721142658
 |  | 1.552906557357617
 |  | 1.267324757796805
 |  | 1.459552162555115
 |  | 1.630809782812051
 |  | 1.642973876676218
 |  | 1.730615830681874
 |  | 1.304450628854112
 |  | 1.478104094137431
 |  | 1.420804193883546
 |  | 1.379704790391333
 |  | 1.519425705943455
 |  | 1.532542508324501
 |  | 1.581266628570992
 |  | 1.358602898475442
 |  | 1.439937582415021
 |  | 1.405856007377462
 |  | 1.406605310931706
 |  | 1.271499540588478
 |  | 1.298811987845504
 |  | 1.276013096438378
 |  | 1.211636003902359
 |  | 1.218709566958186
 |  | 1.186603483136005
 |  | 1.185383608445983
 |  | 0.959905864616964
 |  | 1.153396824755068
 |  | 1.290155612390922
 |  | 1.173320800194926
 |  | 1.178057559282681
 |  | 1.429491761766001
 |  | 1.492009725712581
 |  | 1.356258254210314
 |  | 1.063643966959842
 |  | 1.366616776768225
 |  | 1.481584227027858
 |  | 1.599324372560386
 |  | 1.649150217162022
 |  | 1.597296742815723
 |  | 1.581482881360806
 |  | 1.562368957802105
 |  | 1.137244736119253
 |  | 1.099163556137078
 |  | 1.253754077765426
 |  | 1.363816317778714
 |  | 1.461866611984405
 |  | 1.250749133203264
 |  | 1.670614974058962
 |  | 1.577333151088661
 |  | 1.63099061103571
 |  | 1.84838728740812
 |  | 1.478884938980692
 |  | 1.490699749785211
 |  | 1.325163636892137
 |  | 1.351508130063436
 |  | 1.447743412221858
 |  | 1.203223986274567
 |  | 1.236302720478434
 |  | 1.133540731639275
 |  | 1.072976821806788
 |  | 1.153299092912936
 |  | 1.201118586146669
 |  | 1.352459724828986
 |  | 0.937975497558201
 |  | 1.195338681657259
 |  | 1.141008048868987
 |  | 0.9793484602597067
 |  | 1.323483879900959
 |  | 1.096473470810932
 |  | 1.343246271810641
 |  | 1.243005174620672
 |  | 1.891441408799017
 |  | 1.759063461696704
 |  | 1.623327581865426
 |  | 1.927847775300227
 |  | 1.896064103645883
 |  | 1.868844062671084
 |  | 1.904207795410511
 |  | 1.889084068250963
 |  | 1.99373164043578
 |  | 2.079699382878816 |  |  | 234
 |  | 1.992651229316547
 |  | 1.983169127847158
 |  | 2.116178643600167 |  |  | 2
 |  | 1.983203062665176
 |  | 1.928912573301624
 |  | 2.152423881275809 |  |  | 2
 |  | 2.152818578234465
 |  | 1.881867494556216
 |  | 2.034013898905275
 |  | 2.034674736823122
 |  | 2.104755888139141
 |  | 2.095197594655766
 |  | 2.254727794159781 |  |  | 5
 |  | 2.195633840273463
 |  | 2.280721775162687 |  |  | 1
 |  | 2.721695038868171
 |  | 2.864211063791841
 |  | 3.071913801581367
 |  | 2.826535734519501
 |  | 2.573887108043786
 |  | 2.668495299697224
 |  | 2.455512976934192
 |  | 2.242882442707724
 |  | 2.362838510542806
 |  | 2.266435928623052
 |  | 2.524008962119388
 |  | 2.455645986171064
 |  | 2.471228751691611
 |  | 2.381570080449188
 |  | 2.625250301797548
 |  | 2.802468960390847
 |  | 2.865895739415207
 |  | 2.41536948739613
 |  | 2.260032936898543
 |  | 2.540918877621748
 |  | 2.259822926782654
 |  | 2.445661134472716
 |  | 2.332140323185647
 |  | 2.411257651864556
 |  | 2.281511364778735
 |  | 2.130403609610868
 |  | 2.400636418389013
 |  | 2.412528051074015
 |  | 2.341468600098362
 |  | 2.264770327031356
 |  | 1.903621163473456
 |  | 1.896125620156853
 |  | 1.990140628612073
 |  | 2.146222233498977
 |  | 2.468333227783722
 |  | 2.132474062088819
 |  | 2.297553732352976
 |  | 2.276552899993112
 |  | 2.919676022735024
 |  | 2.639244921410178
 |  | 2.386321470563839
 |  | 2.960100202063241
 |  | 2.716074728371073
 |  | 2.918337819633416
 |  | 2.970796022618401
 |  | 3.181779344205353 |  |  | 42
 |  | 2.577406691215195
 |  | 2.848715200764585
 |  | 3.300953733807034 |  |  | 2
 |  | 2.558545628562738
 |  | 2.409629175211011
 |  | 3.126308814579034
 |  | 3.330578761554673 |  |  | 3
 |  | 3.380398164541261
 |  | 2.452111435226869
 |  | 3.458285321284509 |  |  | 2
 |  | 3.225061167680291
 |  | 3.199894336008035
 |  | 2.991258986854302
 |  | 2.532239936483743
 |  | 3.421683493499654
 |  | 3.290765034015884
 |  | 3.105785097827248
 |  | 3.670501621586143 |  |  | 7
 |  | 3.608190874402493
 |  | 3.947862882097955 |  |  | 1
 |  | 3.655351791105681
 |  | 3.564557544408875
 |  | 3.765107989946572
 |  | 4.120946740123393 |  |  | 3
 |  | 3.88421621607391
 |  | 3.975103198809859
 |  | 3.935286827288757
 |  | 3.860315656423091
 |  | 3.87106943538219
 |  | 3.838047023160125
 |  | 4.049207477547005
 |  | 4.008674873648015
 |  | 4.071378063048283
 |  | 3.839583740256777
 |  | 4.004378168868726
 |  | 4.073606161544467
 |  | 3.758848029793001
 |  | 4.169904791008326 |  |  | 13
 |  | 4.128036291676461
 |  | 4.051766019678335
 |  | 3.992439444413218
 |  | 4.262268554457362 |  |  | 3
 |  | 4.061672012055773
 |  | 4.170708704425484
 |  | 4.195943023110796
 |  | 4.157281742501209
 |  | 3.964441021270659
 |  | 4.040318448977931
 |  | 4.156446563628338
 |  | 4.212146350027708
 |  | 4.318678887998946 |  |  | 8
 |  | 4.532305843470393
 |  | 4.382005764152564
 |  | 4.729179387302062 |  |  | 1
 |  | 4.660363466538621
 |  | 4.754846274588727 |  |  | 1
 |  | 4.443086863241719
 |  | 4.60217617107559
 |  | 4.333693336504355
 |  | 4.594148544549557
 |  | 4.456507555095995
 |  | 4.191427134570988
 |  | 4.27134339065112
 |  | 3.951724675277184
 |  | 4.081690270761271
 |  | 3.742312870608188
 |  | 3.86598416731155
 |  | 4.156643125521683
 |  | 4.087326877875181
 |  | 4.415569215699371
 |  | 3.837504918563801
 |  | 4.125839655488127
 |  | 3.697668535821845
 |  | 3.469246061585621
 |  | 3.628017583058606
 |  | 3.474512181174235
 |  | 3.916230033423952
 |  | 3.883785340105038
 |  | 4.166471942901525
 |  | 4.264224640157012
 |  | 4.364473948203505
 |  | 4.377110007315525
 |  | 4.673272042010637
 |  | 4.686438958696456
 |  | 4.905040257840233 |  |  | 28
 |  | 4.548368857743204
 |  | 4.679131372673623
 |  | 4.580913696255772
 |  | 4.755707193071825
 |  | 4.824211775551447
 |  | 4.691063295054935
 |  | 4.453501022403538
 |  | 4.655759342314773
 |  | 4.783903374688711
 |  | 4.710854209571865
 |  | 4.725831069813214
 |  | 4.665798960652479
 |  | 4.703173446974277
 |  | 4.791056734708448
 |  | 4.861487246722652
 |  | 4.904592189061566
 |  | 4.979349072679461 |  |  | 16
 |  | 4.766249310214586
 |  | 4.852219243118791
 |  | 4.789511237541294
 |  | 4.819311444549576
 |  | 4.644032505619963
 |  | 4.882986468365808
 |  | 5.063831121801867 |  |  | 6
 |  | 5.000250982091847
 |  | 5.165179213778152 |  |  | 1
 |  | 5.202350502637136
 |  | 5.68972135637514
 |  | 5.89628948392948
 |  | 5.210785763136408
 |  | 6.329214958733662 |  |  | 1
 |  | 6.096718710536768
 |  | 5.817342936608108
 |  | 5.67820124427172
 |  | 6.113098372821225
 |  | 6.331379318027015 |  |  | 4
 |  | 7.047333136047706
 |  | 6.37805472787203
 |  | 6.834812464435005
 |  | 6.902986899153251
 |  | 6.901371184421967
 |  | 6.702529281967507
 |  | 7.039291369854014
 |  | 7.184389073576947 |  |  | 6
 |  | 7.265250798662696
 |  | 7.716259298687305
 |  | 7.792664920070851
 |  | 7.464205913303893
 |  | 6.766752245004974
 |  | 7.099450427704358
 |  | 7.437457164691784
 |  | 7.567931826956691
 |  | 7.730641080623416
 |  | 7.682395606674857
 |  | 7.605546480976193
 |  | 7.690903913675181
 |  | 7.918350810342345 |  |  | 9
 |  | 8.363657744449915
 |  | 8.10448019919393
 |  | 7.973483587298842
 |  | 8.020566117950517
 |  | 8.35999850566811
 |  | 8.253780962699338
 |  | 8.207181499907396
 |  | 8.2299335303897
 |  | 8.59731197548453 |  |  | 8
 |  | 8.537418707929781
 |  | 8.751354236007938 |  |  | 1
 |  | 8.628206263025561
 |  | 8.541264499369051
 |  | 8.58704578481825
 |  | 8.962120354327062 |  |  | 3
 |  | 8.868815327419293
 |  | 8.969100080343829 |  |  | 1
 |  | 9.605180972338902
 |  | 9.313193818576874
 |  | 9.322492391226252
 |  | 9.19863823649599
 |  | 9.299195463711143
 |  | 9.32341051432204
 |  | 9.538431211202344
 |  | 9.93515150193653 |  |  | 6
 |  | 9.4499547472078
 |  | 9.709896466973909
 |  | 9.656444165706626
 |  | 9.695353423414614
 |  | 9.448745923132039
 |  | 9.589469105915267
 |  | 9.544561855085401
 |  | 9.577946743570397
 |  | 9.650441765842492
 |  | 9.596381056604633
 |  | 9.461957008214355
 |  | 9.407340417334458
 |  | 9.226413752556402
 |  | 9.410219352680912
 |  | 9.35931577760041
 |  | 9.519800599441048
 |  | 9.402912281318915
 |  | 9.462575187901095
 |  | 9.755447089532726
 |  | 9.941323950914523 |  |  | 19
 |  | 10.12833778279797
 |  | 9.286087354496734
 |  | 9.525336859649832
 |  | 9.946254849667131
 |  | 9.35502048209555
 |  | 9.73869399878379
 |  | 9.359472883405676
 |  | 9.763309074464104
 |  | 9.599446489772207
 |  | 9.955390148199864
 |  | 10.10683196874559
 |  | 9.954034820593689
 |  | 10.33340564948464 |  |  | 11
 |  | 10.22196550577871
 |  | 10.53941020274616 |  |  | 1
 |  | 9.969048500316061
 |  | 9.86876637420245
 |  | 10.07578075695698
 |  | 10.13917627564979
 |  | 10.53401650006579
 |  | 10.20357402601008
 |  | 10.44878806019246
 |  | 10.08356911594092
 |  | 10.29605897275433
 |  | 10.01065396996718
 |  | 10.45768831982909
 |  | 10.26599185613181
 |  | 10.20620230086956
 |  | 10.44055721643712
 |  | 10.74172689393808 |  |  | 14
 |  | 10.79027393584652
 |  | 11.10675282649579
 |  | 10.9156912517704
 |  | 10.72758388801959
 |  | 11.06724574543433
 |  | 10.96213609278729
 |  | 11.3801762678869 |  |  | 4
 |  | 11.04636217603856
 |  | 11.19553850704617
 |  | 11.20236590480495
 |  | 11.63420672234939 |  |  | 3
 |  | 11.71719346585072
 |  | 11.62450366057846
 |  | 11.21281068257605
 |  | 11.34670016585318
 |  | 11.70561398698803
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