---
title: "Sharpe, Sortino & Calmar Ratio Calculator - Get Funded Now"
description: "Paste daily, weekly or monthly returns and get the Sharpe, Sortino and Calmar ratios, with every formula shown and a worked example you can check by hand."
url: "https://getfundednow.com/tools/sharpe-ratio-calculator"
language: "en"
last_modified: "2026-09-22"
publisher: "Get Funded Now (getfundednow.com)"
translations:
  es: "https://getfundednow.com/es/tools/sharpe-ratio-calculator"
  pt-BR: "https://getfundednow.com/pt-br/tools/sharpe-ratio-calculator"
  fr: "https://getfundednow.com/fr/tools/sharpe-ratio-calculator"
  it: "https://getfundednow.com/it/tools/sharpe-ratio-calculator"
  de: "https://getfundednow.com/de/tools/sharpe-ratio-calculator"
disclosure: "All trading at Get Funded Now is simulated. 'Funded' means a simulated or virtual account; GFN is not a broker and does not hold client funds."
---

Free trading tool

# Sharpe, Sortino, Calmar: three ratios, one set of returns.

Paste a series of returns and this works out all three risk-adjusted ratios, annualised to the frequency you choose. Every formula is on the page, so you can check the answer rather than trust it.

[Start your challenge →](https://getfundednow.com/challenges) · [Try the risk of ruin calculator](https://getfundednow.com/tools/risk-of-ruin-calculator)

Returns per period (%)

Separate with commas, spaces or new lines. 12 values read.

Return frequency

Annual risk-free rate

%

Also the Sortino target. Leave at 0 to measure against zero.

Sharpe 1.47, Sortino 2.98, Calmar 4.10, from 12 monthly returns.

Sharpe ratio

1.47

Annualised from 12 monthly returns

Sortino ratio

2.98

Downside deviation 0.97% per period

Calmar ratio

4.10

10.24% a year ÷ 2.50% max drawdown

Standard deviation: 1.96% per period

How to calculate them

## Sharpe, Sortino and Calmar, step by step.

All three ask the same question - how much return for how much risk - and differ only in what they count as risk.

**Sharpe ratio** = (mean return − risk-free rate per period) ÷ standard deviation of returns × √(periods per year). Risk is all variation, up or down. The standard deviation here is the sample one, dividing by n − 1.

**Sortino ratio** = (mean return − target) ÷ downside deviation × √(periods per year). Downside deviation is √(Σ min(0, return − target)² ÷ n): only shortfalls below the target count, but every period is in the denominator. The target here is the risk-free rate per period.

**Calmar ratio** = compound annual return ÷ maximum drawdown. The annual return is (Π(1 + return))^(periods per year ÷ n) − 1; the maximum drawdown is the largest peak-to-trough fall of the compounded equity curve. Traditionally it is measured over 36 months.

**Worked example.** Four monthly returns of 2%, −1%, 3% and 0%, risk-free rate 0. The mean is 1.00%. The deviations from it are 1, −2, 2 and −1, whose squares sum to 10, so the sample standard deviation is √(10 ÷ 3) = 1.83%. Sharpe = 1 ÷ 1.826 × √12 = 1.90. Only −1% falls below zero, so downside deviation is √(1 ÷ 4) = 0.50%, and Sortino = 1 ÷ 0.5 × √12 = 6.93. The equity curve peaks at 1.02 and falls to 1.0098, a 1.00% drawdown; the four months compound to 12.52% a year, so Calmar = 12.52.

The example shows why a short record flatters every ratio: four months with one small loss annualise into numbers no strategy sustains. These are descriptions of past returns, not predictions of future ones.

The rules behind the maths

## Where this meets a GFN account.

Calmar is the ratio a prop firm account is really judged on. A GFN 2 Step stops out at a fixed 8% drawdown and a 1 Step's 8% drawdown trails, so the worst peak-to-trough fall matters more than the average month.

- [Maximum Drawdown Rules](https://getfundednow.com/rules/max-drawdown) - What is maximum drawdown?
- [Trailing Drawdown Rules](https://getfundednow.com/rules/trailing-drawdown) - What is trailing drawdown?
- [Daily Loss Limit Rules](https://getfundednow.com/rules/daily-loss-limit) - What is the daily loss limit?
- [$100,000 2 Step account](https://getfundednow.com/challenges/2-step/100k) - A non-trailing drawdown, in dollars.
- [Drawdown calculator](https://getfundednow.com/tools/drawdown-calculator) - Your stop-out level in dollars.
- [Risk of ruin calculator](https://getfundednow.com/tools/risk-of-ruin-calculator) - The odds of a losing streak ending the account.

Common questions

## Risk-adjusted returns, answered.

Above 1 is commonly treated as good and above 2 as very good, but the number depends on the period measured and the frequency of the data. A short, lucky sample can show a high Sharpe ratio that does not persist.

Sortino only counts returns that fall short of the target as risk. If most of your variation is on the upside, the downside deviation is smaller than the standard deviation and the ratio is larger.

Because drawdown is what ends accounts. Calmar divides the annual return by the worst peak-to-trough fall, so it answers the question a prop firm's maximum drawdown rule asks: how much pain came with the return?

The calculator works from two, but a ratio from a handful of periods says very little. Traditionally Calmar is measured over 36 months. Use as long a record as you have.

Ready when you are

## Your capital stays yours. The risk is ours.

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Source: https://getfundednow.com/tools/sharpe-ratio-calculator
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