{"schema_version":"2.0","data_type":"portfolio_drawdown_choices","historical_market_data_included":false,"default_dd":34.49,"about_endpoint":"/api/agent/about","signals_endpoint":"/api/agent/signals?asset_class={asset_class}","book_endpoint":"/api/agent/book?schema_version=2.0&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":0,"historical_max_drawdown_pct":18.07,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":10.52,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":2.26,"max_drawdown_pct":18.07,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":37.12,"sharpe":0.99,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +2.26 percentage points versus SPY with +37.12 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":5,"historical_max_drawdown_pct":20.04,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":10.65,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":2.39,"max_drawdown_pct":20.04,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":35.15,"sharpe":0.94,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +2.39 percentage points versus SPY with +35.15 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":10,"historical_max_drawdown_pct":22.81,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":11.42,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":3.16,"max_drawdown_pct":22.81,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":32.38,"sharpe":0.91,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +3.16 percentage points versus SPY with +32.38 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":15,"historical_max_drawdown_pct":23.71,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":12.5,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":4.24,"max_drawdown_pct":23.71,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":31.48,"sharpe":0.92,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +4.24 percentage points versus SPY with +31.48 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":20,"historical_max_drawdown_pct":24.46,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":12.87,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":4.61,"max_drawdown_pct":24.46,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":30.73,"sharpe":0.9,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +4.61 percentage points versus SPY with +30.73 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":30,"historical_max_drawdown_pct":25.54,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":15.6,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":7.34,"max_drawdown_pct":25.54,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":29.65,"sharpe":0.95,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +7.34 percentage points versus SPY with +29.65 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":25,"historical_max_drawdown_pct":26.16,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":14.17,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":5.91,"max_drawdown_pct":26.16,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":29.03,"sharpe":0.93,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +5.91 percentage points versus SPY with +29.03 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":35,"historical_max_drawdown_pct":27.07,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":15.81,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":7.55,"max_drawdown_pct":27.07,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":28.12,"sharpe":0.92,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +7.55 percentage points versus SPY with +28.12 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":40,"historical_max_drawdown_pct":29.53,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":16.49,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":8.23,"max_drawdown_pct":29.53,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":25.66,"sharpe":0.91,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +8.23 percentage points versus SPY with +25.66 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":45,"historical_max_drawdown_pct":33.03,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":17.67,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":9.41,"max_drawdown_pct":33.03,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":22.16,"sharpe":0.92,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +9.41 percentage points versus SPY with +22.16 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":60,"historical_max_drawdown_pct":34.1,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":20.53,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":12.27,"max_drawdown_pct":34.1,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":21.09,"sharpe":0.96,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +12.27 percentage points versus SPY with +21.09 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":50,"historical_max_drawdown_pct":34.49,"default":true,"research_only":true,"performance_vs_spy":{"annualized_return_pct":19.15,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":10.89,"max_drawdown_pct":34.49,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":20.7,"sharpe":0.95,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +10.89 percentage points versus SPY with +20.70 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":55,"historical_max_drawdown_pct":34.65,"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":34.65,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":20.54,"sharpe":0.95,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +11.39 percentage points versus SPY with +20.54 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":85,"historical_max_drawdown_pct":35.2,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":23.96,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":15.7,"max_drawdown_pct":35.2,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":19.99,"sharpe":0.98,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +15.70 percentage points versus SPY with +19.99 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":70,"historical_max_drawdown_pct":35.67,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":22.09,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":13.83,"max_drawdown_pct":35.67,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":19.52,"sharpe":0.98,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +13.83 percentage points versus SPY with +19.52 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":95,"historical_max_drawdown_pct":35.8,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":26.7,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":18.44,"max_drawdown_pct":35.8,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":19.39,"sharpe":1.05,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +18.44 percentage points versus SPY with +19.39 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":80,"historical_max_drawdown_pct":36.23,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":23.77,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":15.51,"max_drawdown_pct":36.23,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":18.96,"sharpe":1.0,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +15.51 percentage points versus SPY with +18.96 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":100,"historical_max_drawdown_pct":36.87,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":26.94,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":18.68,"max_drawdown_pct":36.87,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":18.32,"sharpe":1.06,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +18.68 percentage points versus SPY with +18.32 percentage points shallower max drawdown."},"historically_dominated":false},{"allocation_level":90,"historical_max_drawdown_pct":38.01,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":25.93,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":17.67,"max_drawdown_pct":38.01,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":17.18,"sharpe":1.02,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +17.67 percentage points versus SPY with +17.18 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":75,"historical_max_drawdown_pct":38.72,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":22.92,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":14.66,"max_drawdown_pct":38.72,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":16.47,"sharpe":1.0,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +14.66 percentage points versus SPY with +16.47 percentage points shallower max drawdown."},"historically_dominated":true},{"allocation_level":65,"historical_max_drawdown_pct":39.84,"default":false,"research_only":true,"performance_vs_spy":{"annualized_return_pct":21.18,"spy_annualized_return_pct":8.26,"annualized_return_difference_pp":12.92,"max_drawdown_pct":39.84,"spy_max_drawdown_pct":55.19,"drawdown_improvement_pp":15.35,"sharpe":0.96,"spy_sharpe":0.51,"summary":"In the current-survivor research, Meridian annualized +12.92 percentage points versus SPY with +15.35 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."}}