This is the % difference between the current NAV of the fund and it's all time high NAV. This metric can be used to track either the fund’s position relative to its own historical performance or vs other funds & its benchmark.
Calculation : Fund A’s All time high NAV is 150 and the current NAV is 120 then % away from ATH = (150-120)/150 = 20%
For example :
(vs other funds ) : There are 5 mid cap funds with the following % away from ATH figures.
Using the figures, we can see that fund B is the least away from its PATH and thus showcases relative outperformance in the mid cap category.
(vs benchmark ) : A mid cap fund is 15% away from its ATH vs its benchmark being 20% away from its ATH represents a lower drawdown or relative outperformance.