MERL: Calmar Ratio (365D)

Merlin Chain Calmar Ratio (365D) was -0.941 on 10 Nov 2026 (latest daily value).

MERL's 365-day return divided by the deepest fall within the same 365 days.

Why use it. Return per unit of the worst loss a holder had to sit through in the year. How to read it. Above 1 the year's gain exceeded its worst drawdown; negative when the year was a loss.

Calculation. (close / close 365 days earlier - 1) / |maximum drawdown over the same 366 closes| as a fraction; empty when the window had no fall. From CryptoKeyhole's own US dollar price chart of MERL, closed periods only. Returns are 24-hour returns r = close / close 24 hours earlier - 1; daily values use the closes of UTC days, hourly values recompute the same statistic at every hour from the closes 24, 48 ... hours before it, so a day's last hour gives its daily value wherever the hourly closes are complete. A window of N days needs N + 1 closes exactly a day apart: a missing close leaves every window that needs it empty, nothing is filled in. The open UTC day shows a labelled partial at the latest completed hour. History starts once the price chart has the window's closes; it is a description of the past, not a forecast.