The 25 Deepest Drawdowns We Track
One row per asset: each asset's single deepest peak-to-trough decline in its tracked record, derived from daily closing prices. Crypto rows are shaded.
| Rank | Asset | Type | Max drawdown | Peak date | Trough date | Duration | Recovered | Data since |
|---|---|---|---|---|---|---|---|---|
| 1 | Versus Systems Inc. (VS) | Stock | -100.0% | Dec 31, 2020 | Mar 3, 2026 | 2,078 days (5.7 yrs) | Ongoing | Aug 13, 2012 |
| 2 | Sky (SKY-USD) | Crypto | -100.0% | Dec 29, 2017 | Oct 13, 2023 | 3,176 days (8.7 yrs) | Ongoing | Nov 9, 2017 |
| 3 | Maison Solutions Inc. (MSS) | Stock | -99.8% | Dec 14, 2023 | Aug 7, 2026 | 1,000 days (2.7 yrs) | Ongoing | Oct 5, 2023 |
| 4 | Wheels Up Experience Inc. (UP) | Stock | -99.8% | Jul 14, 2021 | Sep 9, 2026 | 1,883 days (5.2 yrs) | Ongoing | Nov 18, 2020 |
| 5 | Graniteshares 2x Short NVDA Daily ETF (NVD) | ETF | -99.3% | Oct 26, 2023 | Sep 4, 2026 | 1,049 days (2.9 yrs) | Ongoing | Aug 22, 2023 |
| 6 | Nano Dimension Ltd. (NNDM) | Stock | -99.3% | Mar 22, 2016 | Apr 3, 2020 | 3,823 days (10.5 yrs) | Ongoing | Mar 7, 2016 |
| 7 | Antero Resources Corporation (AR) | Stock | -99.0% | Mar 25, 2014 | Apr 1, 2020 | 4,551 days (12.5 yrs) | Ongoing | Oct 10, 2013 |
| 8 | Carvana Co. (CVNA) | Stock | -99.0% | Aug 10, 2021 | Dec 27, 2022 | 1,451 days (4.0 yrs) | Yes | Apr 28, 2017 |
| 9 | Nano Labs Ltd (NA) | Stock | -98.7% | Jul 12, 2022 | Apr 29, 2026 | 1,520 days (4.2 yrs) | Ongoing | Jul 12, 2022 |
| 10 | Opendoor Technologies Inc. (OPEN) | Stock | -98.6% | Feb 11, 2021 | Jun 25, 2025 | 2,036 days (5.6 yrs) | Ongoing | Jun 18, 2020 |
| 11 | Power Solutions International, Inc. (PSIX) | Stock | -98.6% | May 6, 2014 | Aug 8, 2022 | 4,091 days (11.2 yrs) | Yes | Apr 17, 2012 |
| 12 | HIVE Digital Technologies Ltd. (HIVE) | Stock | -98.6% | Nov 2, 2017 | Dec 17, 2019 | 1,203 days (3.3 yrs) | Yes | Mar 5, 2012 |
| 13 | TeraWulf Inc. (WULF) | Stock | -98.5% | Nov 19, 2021 | Mar 16, 2023 | 1,755 days (4.8 yrs) | Ongoing | Mar 5, 2012 |
| 14 | Applied Optoelectronics, Inc. (AAOI) | Stock | -98.5% | Aug 1, 2017 | Jul 11, 2022 | 3,135 days (8.6 yrs) | Yes | Sep 26, 2013 |
| 15 | Teladoc Health, Inc. (TDOC) | Stock | -98.5% | Feb 8, 2021 | Feb 12, 2026 | 2,039 days (5.6 yrs) | Ongoing | Jun 30, 2015 |
| 16 | Algorand (ALGO-USD) | Crypto | -97.6% | Jun 21, 2019 | Jul 29, 2026 | 2,637 days (7.2 yrs) | Ongoing | Jun 21, 2019 |
| 17 | AXT, Inc. (AXTI) | Stock | -97.5% | Mar 5, 2012* | Apr 11, 2025 | 5,119 days (14.0 yrs) | Yes | Mar 5, 2012 |
| 18 | Fiverr International Ltd. (FVRR) | Stock | -97.3% | Feb 12, 2021 | Aug 12, 2026 | 2,035 days (5.6 yrs) | Ongoing | Jun 13, 2019 |
| 19 | Strategy Inc (MSTR) | Stock | -97.3% | Mar 5, 2012* | Jun 26, 2013 | 4,634 days (12.7 yrs) | Yes | Mar 5, 2012 |
| 20 | Smart Sand, Inc. (SND) | Stock | -97.1% | Feb 22, 2017 | Mar 18, 2020 | 3,486 days (9.5 yrs) | Ongoing | Nov 4, 2016 |
| 21 | POET Technologies Inc. (POET) | Stock | -96.9% | Apr 16, 2014 | Dec 18, 2023 | 4,529 days (12.4 yrs) | Ongoing | Mar 5, 2012 |
| 22 | Lufax Holding Ltd (LU) | Stock | -96.7% | Nov 16, 2020 | Jan 17, 2024 | 2,123 days (5.8 yrs) | Ongoing | Oct 30, 2020 |
| 23 | Celestica Inc. (CLS) | Stock | -96.7% | Mar 5, 2012* | Mar 18, 2020 | 4,630 days (12.7 yrs) | Yes | Mar 5, 2012 |
| 24 | Rambus Inc. (RMBS) | Stock | -96.6% | Mar 5, 2012* | Jul 26, 2012 | 5,070 days (13.9 yrs) | Yes | Mar 5, 2012 |
| 25 | Advanced Micro Devices, Inc. (AMD) | Stock | -96.6% | Mar 5, 2012* | Jul 27, 2015 | 2,859 days (7.8 yrs) | Yes | Mar 5, 2012 |
Note: rankings cover each asset's tracked record only (see the "Data since" column), not its full trading history. A peak date marked with * means the data series began mid-drawdown, so the true depth and duration may be understated.
Deepest Stock Drawdowns
The median decline among the ten deepest stock drawdowns in the tracked record is -99.0%, versus -94.2% for the ten deepest crypto drawdowns. By that measure, the deepest individual stocks fell furthest within the tracked window.
| Rank | Asset | Type | Max drawdown | Peak date | Trough date | Duration | Recovered | Data since |
|---|---|---|---|---|---|---|---|---|
| 1 | Versus Systems Inc. (VS) | Stock | -100.0% | Dec 31, 2020 | Mar 3, 2026 | 2,078 days (5.7 yrs) | Ongoing | Aug 13, 2012 |
| 2 | Maison Solutions Inc. (MSS) | Stock | -99.8% | Dec 14, 2023 | Aug 7, 2026 | 1,000 days (2.7 yrs) | Ongoing | Oct 5, 2023 |
| 3 | Wheels Up Experience Inc. (UP) | Stock | -99.8% | Jul 14, 2021 | Sep 9, 2026 | 1,883 days (5.2 yrs) | Ongoing | Nov 18, 2020 |
| 4 | Nano Dimension Ltd. (NNDM) | Stock | -99.3% | Mar 22, 2016 | Apr 3, 2020 | 3,823 days (10.5 yrs) | Ongoing | Mar 7, 2016 |
| 5 | Antero Resources Corporation (AR) | Stock | -99.0% | Mar 25, 2014 | Apr 1, 2020 | 4,551 days (12.5 yrs) | Ongoing | Oct 10, 2013 |
| 6 | Carvana Co. (CVNA) | Stock | -99.0% | Aug 10, 2021 | Dec 27, 2022 | 1,451 days (4.0 yrs) | Yes | Apr 28, 2017 |
| 7 | Nano Labs Ltd (NA) | Stock | -98.7% | Jul 12, 2022 | Apr 29, 2026 | 1,520 days (4.2 yrs) | Ongoing | Jul 12, 2022 |
| 8 | Opendoor Technologies Inc. (OPEN) | Stock | -98.6% | Feb 11, 2021 | Jun 25, 2025 | 2,036 days (5.6 yrs) | Ongoing | Jun 18, 2020 |
| 9 | Power Solutions International, Inc. (PSIX) | Stock | -98.6% | May 6, 2014 | Aug 8, 2022 | 4,091 days (11.2 yrs) | Yes | Apr 17, 2012 |
| 10 | HIVE Digital Technologies Ltd. (HIVE) | Stock | -98.6% | Nov 2, 2017 | Dec 17, 2019 | 1,203 days (3.3 yrs) | Yes | Mar 5, 2012 |
Deepest Crypto Drawdowns
Cryptocurrencies with a clean peak baseline in their tracked record are ranked by their single deepest episode (newly listed coins whose data never touches a peak are excluded). The median here is -94.2% for crypto versus -99.0% for stocks, and even the shallowest entry in this table reached -92.2% at its trough.
| Rank | Asset | Type | Max drawdown | Peak date | Trough date | Duration | Recovered | Data since |
|---|---|---|---|---|---|---|---|---|
| 1 | Sky (SKY-USD) | Crypto | -100.0% | Dec 29, 2017 | Oct 13, 2023 | 3,176 days (8.7 yrs) | Ongoing | Nov 9, 2017 |
| 2 | Algorand (ALGO-USD) | Crypto | -97.6% | Jun 21, 2019 | Jul 29, 2026 | 2,637 days (7.2 yrs) | Ongoing | Jun 21, 2019 |
| 3 | Solana (SOL-USD) | Crypto | -96.3% | Nov 6, 2021 | Dec 29, 2022 | 1,169 days (3.2 yrs) | Yes | Apr 10, 2020 |
| 4 | XRP (XRP-USD) | Crypto | -95.9% | Jan 7, 2018 | Mar 12, 2020 | 2,748 days (7.5 yrs) | Yes | Nov 9, 2017 |
| 5 | Polygon (prev. MATIC) (POL-USD) | Crypto | -94.4% | Mar 13, 2024 | Jun 28, 2026 | 910 days (2.5 yrs) | Ongoing | Oct 30, 2023 |
| 6 | Ethereum (ETH-USD) | Crypto | -94.0% | Jan 13, 2018 | Dec 14, 2018 | 1,116 days (3.1 yrs) | Yes | Nov 9, 2017 |
| 7 | Litecoin (LTC-USD) | Crypto | -93.5% | Dec 18, 2017 | Dec 14, 2018 | 1,238 days (3.4 yrs) | Yes | Sep 11, 2016 |
| 8 | Hedera (HBAR-USD) | Crypto | -92.8% | Sep 15, 2021 | Dec 31, 2022 | 1,820 days (5.0 yrs) | Ongoing | Sep 17, 2019 |
| 9 | Dogecoin (DOGE-USD) | Crypto | -92.3% | May 7, 2021 | Jun 18, 2022 | 1,951 days (5.3 yrs) | Ongoing | Nov 9, 2017 |
| 10 | Aave (AAVE-USD) | Crypto | -92.2% | May 18, 2021 | Jun 18, 2022 | 1,940 days (5.3 yrs) | Ongoing | Oct 2, 2020 |
The Longest Time Underwater
Depth and duration are different risks. A deep drawdown measures how far an asset fell; a long one measures how many calendar days it stayed below its prior peak before recovering (or how long the wait has lasted so far). An asset can recover quickly from a steep decline or spend years below a peak it only modestly fell from, so this table ranks each asset's longest episode by duration rather than depth. Episodes marked * began before the data window, so their true durations are longer than shown.
| Rank | Asset | Type | Max drawdown | Peak date | Trough date | Duration | Recovered | Data since |
|---|---|---|---|---|---|---|---|---|
| 1 | First Solar, Inc. (FSLR) | Stock | -96.2% | Mar 5, 2012* | Jun 1, 2012 | 5,203 days (14.2 yrs) | Yes | Mar 5, 2012 |
| 2 | Amkor Technology, Inc. (AMKR) | Stock | -94.4% | Mar 5, 2012* | Apr 18, 2013 | 5,152 days (14.1 yrs) | Yes | Mar 5, 2012 |
| 3 | AXT, Inc. (AXTI) | Stock | -97.5% | Mar 5, 2012* | Apr 11, 2025 | 5,119 days (14.0 yrs) | Yes | Mar 5, 2012 |
| 4 | Tenaris S.A. (TS) | Stock | -83.6% | Mar 5, 2012* | Oct 29, 2020 | 5,089 days (13.9 yrs) | Yes | Mar 5, 2012 |
| 5 | Vale S.A. (VALE) | Stock | -93.2% | Mar 5, 2012* | Jan 25, 2016 | 5,076 days (13.9 yrs) | Yes | Mar 5, 2012 |
| 6 | First Majestic Silver Corp. (AG) | Stock | -90.2% | Mar 5, 2012* | Jan 19, 2016 | 5,072 days (13.9 yrs) | Yes | Mar 5, 2012 |
| 7 | Rambus Inc. (RMBS) | Stock | -96.6% | Mar 5, 2012* | Jul 26, 2012 | 5,070 days (13.9 yrs) | Yes | Mar 5, 2012 |
| 8 | Barrick Mining Corporation (B) | Stock | -88.5% | Mar 5, 2012* | Sep 23, 2015 | 5,029 days (13.8 yrs) | Yes | Mar 5, 2012 |
| 9 | Suncor Energy Inc. (SU) | Stock | -81.3% | Mar 5, 2012* | Mar 18, 2020 | 5,006 days (13.7 yrs) | Yes | Mar 5, 2012 |
| 10 | ATI Inc. (ATI) | Stock | -94.7% | Mar 5, 2012* | Mar 23, 2020 | 4,986 days (13.7 yrs) | Yes | Mar 5, 2012 |
| 11 | Baker Hughes Company (BKR) | Stock | -83.6% | Mar 5, 2012* | Mar 23, 2020 | 4,950 days (13.6 yrs) | Yes | Mar 5, 2012 |
| 12 | Corning Incorporated (GLW) | Stock | -89.5% | Mar 5, 2012* | Nov 15, 2012 | 4,937 days (13.5 yrs) | Yes | Mar 5, 2012 |
| 13 | VanEck Gold Miners ETF (GDX) | ETF | -80.6% | Mar 5, 2012* | Jan 19, 2016 | 4,917 days (13.5 yrs) | Yes | Mar 5, 2012 |
| 14 | Strategy Inc (MSTR) | Stock | -97.3% | Mar 5, 2012* | Jun 26, 2013 | 4,634 days (12.7 yrs) | Yes | Mar 5, 2012 |
| 15 | Celestica Inc. (CLS) | Stock | -96.7% | Mar 5, 2012* | Mar 18, 2020 | 4,630 days (12.7 yrs) | Yes | Mar 5, 2012 |
The Biggest Drawdowns Happening Right Now
The deepest current drawdowns among tracked assets trading at least 15% below their high, with each asset's Drawdown Severity Score. This table updates daily as new price data arrives; see Explore for the full list and the market report for market-wide context.
| Rank | Asset | Type | Current drawdown | Severity Score | Days in drawdown |
|---|---|---|---|---|---|
| 1 | Alpha Compute Corp (ALP) | Stock | -100.0% | 13.0Historic | 9,753 |
| 2 | Red Cat Holdings, Inc. (RCAT) | Stock | -100.0% | 12.8Historic | 8,915 |
| 3 | Sky (SKY-USD) | Crypto | -100.0% | 15.2Historic | 3,176 |
| 4 | Versus Systems Inc. (VS) | Stock | -100.0% | 13.0Historic | 2,069 |
| 5 | Wheels Up Experience Inc. (UP) | Stock | -99.8% | 22.1Historic | 1,864 |
| 6 | Maison Solutions Inc. (MSS) | Stock | -99.8% | 13.3Historic | 984 |
| 7 | Graniteshares 2x Short NVDA Daily ETF (NVD) | ETF | -99.3% | 16.7Historic | 1,030 |
| 8 | Nano Dimension Ltd. (NNDM) | Stock | -98.3% | 19.6Historic | 3,804 |
| 9 | Nano Labs Ltd (NA) | Stock | -98.1% | 12.2Historic | 1,520 |
| 10 | LightPath Technologies, Inc. (LPTH) | Stock | -98.1% | 14.1Historic | 9,662 |
Depth is measured against each asset's highest split-adjusted close in DrawdownAlerts data, and days in drawdown are measured over each asset's full price history, which can extend beyond the daily tracked window used in the episode rankings above. For some long-listed companies that high dates back a decade or more, which is why a few rows show multi-year durations.
How We Measure Drawdowns
Every ranking on this page is derived from daily closing prices. For each asset we compute the running peak and the percentage below it on every trading day. A drawdown episode begins the day the price closes below a prior peak, its depth is the lowest point reached (the trough), and it ends the day the price closes back at the old peak. Duration is measured in calendar days from the pre-decline peak to recovery, or to the latest data date if the episode is still ongoing. For a primer on the concept itself, see what is a drawdown.
The tracked record spans Sep 9, 2010 through Sep 9, 2026 at the widest, but listed assets have different data start dates (newer listings and newer coins have shorter histories). That is why every table shows a per-row "Data since" date and why we describe results as the deepest or longest "in the tracked record" rather than all-time. Assets whose data series never reaches a clean peak baseline are excluded from the episode rankings.
This page recomputes from the full dataset on every daily data update, so the tables above always reflect the latest refresh. Full calculation details are in our methodology, and the severity figures in the live table use the Drawdown Severity Score.
Frequently Asked Questions
What is the biggest stock market drawdown on record?
Within the record DrawdownAlerts tracks (daily data starting as early as Sep 9, 2010, through Sep 9, 2026), the deepest drawdown belongs to Versus Systems Inc. (VS), which fell -100.0% from its Dec 31, 2020 peak to its Mar 3, 2026 trough and has not yet recovered. The deepest stock-only drawdown is Versus Systems Inc. (VS) at -100.0%. Note that each asset's record covers up to about 15 years of daily data, so earlier historical crashes are outside this window.
What is the biggest crypto drawdown we track?
Among the 15 cryptocurrencies tracked, the deepest drawdown in the tracked record is Sky (SKY-USD), which declined -100.0% from its Dec 29, 2017 peak to its Oct 13, 2023 trough, and it has not yet recovered to its prior peak. The median decline among the 10 deepest crypto drawdowns we track is -94.2%.
What is the longest drawdown on record across tracked assets?
The longest time spent below a prior peak in our tracked daily record belongs to First Solar, Inc. (FSLR): at least 5,203 days (14.2 yrs) measured from the start of its tracked record on Mar 5, 2012 (the decline began before our data window, so the true peak is earlier), until it returned to its prior peak on Jun 3, 2026. Because the decline began before our data window, the true duration is longer than shown. Durations in the live current-drawdowns table can exceed this figure because they are measured over each asset's full price history rather than the daily tracked window.
How many assets are currently in a drawdown of 15% or more?
As of Sep 9, 2026, 538 of the 891 assets DrawdownAlerts tracks are trading 15% or more below their tracked high. This figure recomputes every day when the underlying daily price data refreshes.
Do the deepest drawdowns always recover?
No. Of the 25 deepest drawdowns in our tracked record, 16 are still ongoing as of Sep 9, 2026, meaning those assets have not returned to their prior peak. History shows that some assets recover from very deep declines and others do not, which is why depth and recovery are reported separately on this page.
Data note: all figures on this page are computed from daily closing prices for 891 tracked assets, with data through . Rankings refresh automatically with each daily data update. See our methodology for details.
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DrawdownAlerts provides historical data analysis, not financial advice. Past performance does not guarantee future results. Always do your own research before making investment decisions.