diff --git a/packages/shared/src/alerts/engine.test.ts b/packages/shared/src/alerts/engine.test.ts
index b58040b..8e70870 100644
--- a/packages/shared/src/alerts/engine.test.ts
+++ b/packages/shared/src/alerts/engine.test.ts
@@ -247,3 +247,62 @@ describe('AlertEngine rating change across ticks', () => {
     expect(events[0].payload).toEqual({ previous: 'strong_buy@302', current: 'hold@280' });
   });
 });
+
+describe('AlertEngine portfolio drawdown persistence', () => {
+  it('uses the initial peak after recreating the engine and repository', async () => {
+    const rootDir = mkdtempSync(join(tmpdir(), 'folio-alerts-drawdown-'));
+    const store = new JsonFileStore(rootDir);
+    let nowMs = 1000;
+    const clock = () => nowMs;
+    const repository = new AlertRuleRepository(store, clock);
+    await repository.save({
+      id: 'drawdown-1',
+      createdAt: nowMs,
+      enabled: true,
+      cooldownMinutes: 30,
+      type: 'portfolio_drawdown',
+      threshold: 0.1,
+    });
+
+    let totalAssets = 100;
+    const registry = makeRegistry({
+      'portfolio.summary': () => ({ baseCurrency: 'USD', totalAssets, holdings: [], accounts: [], fetchedAt: 0 }),
+      'market.status': openStatus(),
+    });
+    const events: AlertTriggerEvent[] = [];
+    const engine = new AlertEngine({
+      registry,
+      repository,
+      eventLog: new AlertEventLog(store),
+      now: clock,
+      onTrigger: (event) => events.push(event),
+    });
+
+    await engine.tick();
+    expect(events).toHaveLength(0);
+
+    const reloadedStore = new JsonFileStore(rootDir);
+    const reloadedRepository = new AlertRuleRepository(reloadedStore, clock);
+    const reloadedEventLog = new AlertEventLog(reloadedStore);
+    const reloadedEngine = new AlertEngine({
+      registry,
+      repository: reloadedRepository,
+      eventLog: reloadedEventLog,
+      now: clock,
+      onTrigger: (event) => events.push(event),
+    });
+
+    nowMs += 60_000;
+    totalAssets = 80;
+    await reloadedEngine.tick();
+
+    expect(events).toHaveLength(1);
+    expect(events[0].payload).toEqual({ drawdown: 0.2, peak: 100, currency: 'USD' });
+    expect(await reloadedRepository.getRuleSnapshot('drawdown-1')).toEqual({ peakValue: 100 });
+    expect(await reloadedRepository.get('drawdown-1')).toMatchObject({
+      lastCheckedAt: nowMs,
+      lastTriggeredAt: nowMs,
+    });
+    expect(await reloadedEventLog.list()).toEqual(events);
+  });
+});
diff --git a/packages/shared/src/alerts/evaluators.test.ts b/packages/shared/src/alerts/evaluators.test.ts
index 056b3ef..d9488b5 100644
--- a/packages/shared/src/alerts/evaluators.test.ts
+++ b/packages/shared/src/alerts/evaluators.test.ts
@@ -227,6 +227,25 @@ describe('position_weight', () => {
   });
 });
 describe('portfolio_drawdown', () => {
+  it('records the first portfolio value and detects a subsequent drawdown', async () => {
+    let totalAssets = 100;
+    const registry = makeRegistry({
+      'portfolio.summary': () => ({ baseCurrency: 'USD', totalAssets, holdings: [], accounts: [], fetchedAt: 0 }),
+    });
+    const r = rule({}, { type: 'portfolio_drawdown', threshold: 0.1 });
+    const snapshots = makeSnapshotContext();
+    const context = { now, ...snapshots };
+
+    expect(await evaluateRule(r, registry, context)).toBeNull();
+    expect(await snapshots.getRuleSnapshot(r.id)).toEqual({ peakValue: 100 });
+
+    totalAssets = 80;
+    const event = await evaluateRule(r, registry, context);
+    expect(event?.payload?.drawdown).toBeCloseTo(0.2);
+    expect(event?.payload?.peak).toBe(100);
+    expect(await snapshots.getRuleSnapshot(r.id)).toEqual({ peakValue: 100 });
+  });
+
   it('triggers when drawdown exceeds the threshold', async () => {
     const registry = makeRegistry({ 'portfolio.summary': { baseCurrency: 'USD', totalAssets: 80, holdings: [], accounts: [], fetchedAt: 0 } });
     const r = rule({}, { type: 'portfolio_drawdown', threshold: 0.1 });
@@ -236,13 +255,35 @@ describe('portfolio_drawdown', () => {
     expect(event?.payload?.drawdown).toBeCloseTo(0.2);
     expect(event?.payload?.peak).toBe(100);
   });
-  it('does not trigger below the threshold (and resets peak on a new high)', async () => {
+  it('does not trigger below the threshold', async () => {
     const registry = makeRegistry({ 'portfolio.summary': { baseCurrency: 'USD', totalAssets: 95, holdings: [], accounts: [], fetchedAt: 0 } });
     const r = rule({}, { type: 'portfolio_drawdown', threshold: 0.1 });
     const snapshots = makeSnapshotContext({ [r.id]: { peakValue: 100 } });
     expect(await evaluateRule(r, registry, { now, ...snapshots })).toBeNull();
   });
 
+  it('records a new high and measures subsequent drawdowns from it', async () => {
+    let totalAssets = 120;
+    const registry = makeRegistry({
+      'portfolio.summary': () => ({ baseCurrency: 'USD', totalAssets, holdings: [], accounts: [], fetchedAt: 0 }),
+    });
+    const r = rule({}, { type: 'portfolio_drawdown', threshold: 0.1 });
+    const snapshots = makeSnapshotContext({ [r.id]: { peakValue: 100 } });
+    const context = { now, ...snapshots };
+
+    expect(await evaluateRule(r, registry, context)).toBeNull();
+    expect(await snapshots.getRuleSnapshot(r.id)).toEqual({ peakValue: 120 });
+
+    totalAssets = 115;
+    expect(await evaluateRule(r, registry, context)).toBeNull();
+    expect(await snapshots.getRuleSnapshot(r.id)).toEqual({ peakValue: 120 });
+
+    totalAssets = 100;
+    const event = await evaluateRule(r, registry, context);
+    expect(event?.payload?.drawdown).toBeCloseTo(1 / 6);
+    expect(event?.payload?.peak).toBe(120);
+  });
+
   it('returns null when the portfolio is missing', async () => {
     const registry = makeRegistry({});
     const r = rule({}, { type: 'portfolio_drawdown', threshold: 0.1 });
diff --git a/packages/shared/src/alerts/evaluators.ts b/packages/shared/src/alerts/evaluators.ts
index f8bb6b3..0fd4b8f 100644
--- a/packages/shared/src/alerts/evaluators.ts
+++ b/packages/shared/src/alerts/evaluators.ts
@@ -336,9 +336,9 @@ async function evaluateDrawdown(
   if (!summary || typeof summary.totalAssets !== 'number' || summary.totalAssets <= 0) return null;
   const current = summary.totalAssets;
   const snapshot = await ctx.getRuleSnapshot(rule.id);
-  let peak = snapshot.peakValue ?? current;
-  if (current > peak) {
-    // New high-water mark — reset the peak, no drawdown.
+  const peak = snapshot.peakValue;
+  if (peak === undefined || current > peak) {
+    // First observation or a new high-water mark — persist the peak, no drawdown.
     await ctx.patchRuleSnapshot(rule.id, { peakValue: current });
     return null;
   }