{"schema_version":"1.3","data_type":"portfolio_drawdown_choices","historical_market_data_included":false,"default_dd":31.18,"about_endpoint":"/api/agent/about","signals_endpoint":"/api/agent/signals?asset_class={asset_class}","book_endpoint":"/api/agent/book?dd={historical_max_drawdown_pct}","selection_guidance":"Choose from the observed drawdowns below and pass that exact value to the book endpoint. Observed drawdown is not monotonic with allocation level; historically_dominated flags a book that another level beat on both CAGR and max drawdown in this research.","choices":[{"allocation_level":5,"historical_max_drawdown_pct":16.12,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":8.03,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":-0.23,"max_drawdown_pct":16.12,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":39.07,"sharpe":0.76,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized -0.23 percentage points versus SPY with +39.07 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":15,"historical_max_drawdown_pct":18.65,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":9.23,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":0.97,"max_drawdown_pct":18.65,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":36.54,"sharpe":0.76,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +0.97 percentage points versus SPY with +36.54 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":0,"historical_max_drawdown_pct":24.02,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":9.43,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":1.17,"max_drawdown_pct":24.02,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":31.17,"sharpe":0.88,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +1.17 percentage points versus SPY with +31.17 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":20,"historical_max_drawdown_pct":24.22,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":13.02,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":4.76,"max_drawdown_pct":24.22,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":30.97,"sharpe":0.89,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +4.76 percentage points versus SPY with +30.97 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":10,"historical_max_drawdown_pct":25.71,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":11.02,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":2.76,"max_drawdown_pct":25.71,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":29.48,"sharpe":0.86,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +2.76 percentage points versus SPY with +29.48 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":40,"historical_max_drawdown_pct":28.3,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":16.94,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":8.68,"max_drawdown_pct":28.3,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":26.89,"sharpe":0.92,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +8.68 percentage points versus SPY with +26.89 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":25,"historical_max_drawdown_pct":29.08,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":14.2,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":5.94,"max_drawdown_pct":29.08,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":26.11,"sharpe":0.91,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +5.94 percentage points versus SPY with +26.11 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":30,"historical_max_drawdown_pct":30.36,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":15.5,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":7.24,"max_drawdown_pct":30.36,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":24.83,"sharpe":0.93,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +7.24 percentage points versus SPY with +24.83 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":50,"historical_max_drawdown_pct":31.18,"default":true,"research_only":true,"performance_vs_spy":{"annualized_return_pct":19.38,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":11.12,"max_drawdown_pct":31.18,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":24.01,"sharpe":0.96,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +11.12 percentage points versus SPY with +24.01 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":55,"historical_max_drawdown_pct":32.55,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":19.65,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":11.39,"max_drawdown_pct":32.55,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.64,"sharpe":0.94,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +11.39 percentage points versus SPY with +22.64 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":60,"historical_max_drawdown_pct":32.75,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":21.04,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":12.78,"max_drawdown_pct":32.75,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.44,"sharpe":0.98,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +12.78 percentage points versus SPY with +22.44 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":45,"historical_max_drawdown_pct":32.8,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":17.96,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":9.7,"max_drawdown_pct":32.8,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.39,"sharpe":0.93,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +9.70 percentage points versus SPY with +22.39 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":85,"historical_max_drawdown_pct":33.77,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":23.88,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":15.62,"max_drawdown_pct":33.77,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":21.42,"sharpe":0.98,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +15.62 percentage points versus SPY with +21.42 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":95,"historical_max_drawdown_pct":33.96,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":26.83,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":18.57,"max_drawdown_pct":33.96,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":21.23,"sharpe":1.05,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +18.57 percentage points versus SPY with +21.23 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":70,"historical_max_drawdown_pct":34.61,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":22.16,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":13.9,"max_drawdown_pct":34.61,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":20.58,"sharpe":0.98,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +13.90 percentage points versus SPY with +20.58 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":80,"historical_max_drawdown_pct":34.76,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":23.68,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":15.42,"max_drawdown_pct":34.76,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":20.43,"sharpe":0.99,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +15.42 percentage points versus SPY with +20.43 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":35,"historical_max_drawdown_pct":35.11,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":15.54,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":7.28,"max_drawdown_pct":35.11,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":20.08,"sharpe":0.89,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +7.28 percentage points versus SPY with +20.08 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":100,"historical_max_drawdown_pct":35.69,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":26.96,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":18.7,"max_drawdown_pct":35.69,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":19.5,"sharpe":1.06,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +18.70 percentage points versus SPY with +19.50 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":90,"historical_max_drawdown_pct":36.72,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":26.02,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":17.76,"max_drawdown_pct":36.72,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":18.47,"sharpe":1.02,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +17.76 percentage points versus SPY with +18.47 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":75,"historical_max_drawdown_pct":37.26,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":22.69,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":14.43,"max_drawdown_pct":37.26,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":17.93,"sharpe":0.99,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +14.43 percentage points versus SPY with +17.93 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":65,"historical_max_drawdown_pct":38.48,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":21.43,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":13.17,"max_drawdown_pct":38.48,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":16.71,"sharpe":0.97,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +13.17 percentage points versus SPY with +16.71 percentage points shallower max drawdown."},"historically_dominated":true}],"evidence":{"status":"research_only","point_in_time_universe":false,"research_window":{"start":"2000-01-03","end":"2026-07-13"},"planner_input":false,"caveat":"Current-survivor research can overstate results. Comparisons are historical observations, not forecasts or independent probabilities."}}