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Drawdown can have two meanings. One for investing, and one for construction. 

In the investing world, the drawdown is usually expressed as a percentage change between the peak price and the low price (trough) of an investment.  An investment also has a maximum drawdown, which is the largest drawdown since the security began trading. 

Drawdowns can also be measured in time. It is usually the length of time between peaks, with a maximum drawdown as the longest period the security has gone between two peak prices. 

Drawdown percentages are used to measure the financial risk inherent in an investment.  The metric is used in both the Calmar and Sterling ratios to assess the risk vs. reward of an investment. 

In the construction industry, drawdown means that a company constructing a project and paying for it through a loan has received some of the money necessary to pay for the project costs up to that point.  This is called a drawdown on the loan.

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