{"schema_version":"1.0","data_type":"portfolio_drawdown_choices","historical_market_data_included":false,"default_dd":31.24,"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":40,"historical_max_drawdown_pct":29.77,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":21.51,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":13.25,"max_drawdown_pct":29.77,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":25.42,"sharpe":1.06,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +13.25 percentage points versus SPY with +25.42 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":0,"historical_max_drawdown_pct":30.4,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":14.67,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":6.41,"max_drawdown_pct":30.4,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":24.79,"sharpe":0.89,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +6.41 percentage points versus SPY with +24.79 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":45,"historical_max_drawdown_pct":30.86,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":21.48,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":13.22,"max_drawdown_pct":30.86,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":24.33,"sharpe":1.05,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +13.22 percentage points versus SPY with +24.33 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":5,"historical_max_drawdown_pct":31.09,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":15.64,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":7.38,"max_drawdown_pct":31.09,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":24.1,"sharpe":0.92,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +7.38 percentage points versus SPY with +24.10 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":50,"historical_max_drawdown_pct":31.24,"default":true,"research_only":true,"performance_vs_spy":{"annualized_return_pct":22.15,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":13.89,"max_drawdown_pct":31.24,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":23.95,"sharpe":1.06,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +13.89 percentage points versus SPY with +23.95 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":55,"historical_max_drawdown_pct":31.65,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":23.14,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":14.88,"max_drawdown_pct":31.65,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":23.54,"sharpe":1.08,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +14.88 percentage points versus SPY with +23.54 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":60,"historical_max_drawdown_pct":31.77,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":23.56,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":15.3,"max_drawdown_pct":31.77,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":23.42,"sharpe":1.08,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +15.30 percentage points versus SPY with +23.42 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":10,"historical_max_drawdown_pct":31.8,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":16.79,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":8.53,"max_drawdown_pct":31.8,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":23.39,"sharpe":0.96,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +8.53 percentage points versus SPY with +23.39 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":15,"historical_max_drawdown_pct":31.94,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":18.05,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":9.79,"max_drawdown_pct":31.94,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":23.25,"sharpe":1.0,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +9.79 percentage points versus SPY with +23.25 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":20,"historical_max_drawdown_pct":32.27,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":19.18,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":10.92,"max_drawdown_pct":32.27,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.92,"sharpe":1.03,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +10.92 percentage points versus SPY with +22.92 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":70,"historical_max_drawdown_pct":32.28,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":24.6,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":16.34,"max_drawdown_pct":32.28,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.91,"sharpe":1.08,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +16.34 percentage points versus SPY with +22.91 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":25,"historical_max_drawdown_pct":32.39,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":19.33,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":11.07,"max_drawdown_pct":32.39,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.8,"sharpe":1.02,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +11.07 percentage points versus SPY with +22.80 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":30,"historical_max_drawdown_pct":32.52,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":19.68,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":11.42,"max_drawdown_pct":32.52,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.67,"sharpe":1.02,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +11.42 percentage points versus SPY with +22.67 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":35,"historical_max_drawdown_pct":32.62,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":20.37,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":12.11,"max_drawdown_pct":32.62,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.57,"sharpe":1.03,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +12.11 percentage points versus SPY with +22.57 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":75,"historical_max_drawdown_pct":32.78,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":25.04,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":16.78,"max_drawdown_pct":32.78,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.41,"sharpe":1.08,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +16.78 percentage points versus SPY with +22.41 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":80,"historical_max_drawdown_pct":33.02,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":26.05,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":17.79,"max_drawdown_pct":33.02,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.17,"sharpe":1.1,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +17.79 percentage points versus SPY with +22.17 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":85,"historical_max_drawdown_pct":33.05,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":26.73,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":18.47,"max_drawdown_pct":33.05,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.14,"sharpe":1.11,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +18.47 percentage points versus SPY with +22.14 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":65,"historical_max_drawdown_pct":33.07,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":24.37,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":16.11,"max_drawdown_pct":33.07,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.12,"sharpe":1.09,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +16.11 percentage points versus SPY with +22.12 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":90,"historical_max_drawdown_pct":33.28,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":27.02,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":18.76,"max_drawdown_pct":33.28,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":21.91,"sharpe":1.1,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +18.76 percentage points versus SPY with +21.91 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":95,"historical_max_drawdown_pct":33.34,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":27.14,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":18.88,"max_drawdown_pct":33.34,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":21.85,"sharpe":1.09,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +18.88 percentage points versus SPY with +21.85 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":100,"historical_max_drawdown_pct":33.74,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":27.67,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":19.41,"max_drawdown_pct":33.74,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":21.45,"sharpe":1.1,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +19.41 percentage points versus SPY with +21.45 percentage points shallower max drawdown."},"historically_dominated":false}],"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."}}