How does C2 calculate Calmar Ratio?

C2
1

I always use the following formula: Calmar Ratio = Annual Return% / Max DD%. And it seems that C2 uses more or less the same approach. But I’ve found number of systems where results are quite different. For example:

Sky Hawk: Ann Return, no fees 35.4%, max dd 44.8%, Calmar Ratio = 35.4/44.8 = 0.79, C2 Calmar Ratio = 1.052
The Spirit of Nicholas Darvas. : Ann Return, no fees 37.4%, max dd 35.7%, Calmar Ratio = 37.4/35.7 = 1.05, C2 Calmar Ratio = 1.739
Carma Stocks: Ann Return, no fees 26.7%, max dd 4.6%, Calmar Ratio = 26.7/4.6 = 5.80, C2 Calmar Ratio = 7.660
MTrader: Ann Return, no fees 25.4%, max dd 5.2%, Calmar Ratio = 25.4/5.2 =4.88, C2 Calmar Ratio = 15.773
Antaeus Strategies: Ann Return, no fees 137.2%, max dd 30.1%, Calmar Ratio = 137.2/30.1 =4.58, C2 Calmar Ratio = 10.535

C2 gives higher ratio, sometime 5 times higher. Is there a secret in the calculations?

2

I think I know… MTrader’s ( https://collective2.com/details/90394685 ) max drop-down calculation changed recently from 1.6% to 5.2%. New adjusted value includes trading fees.

So I conclude that C2 does this 25.4/1.6=15.87