Is the Monte-Carlo wrong?

The strategy I pulled this from has a max drawdown in its track record of 14.1%. I will be the first to admit that I am not a Monte-Carlo expert. Is it correct that it could have only a 5.5% chance of a 10% loss? This seems incorrect to me but maybe I am just interpreting it wrong.

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What strategy is this in reference to?

This is the one: