TPL drawdown: 27.3% below the all-time high
Texas Pacific Land Corporation (TPL) is 27.3% below its all-time high, set Nov 22, 2024 (as of market close, Jul 24, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (1980).
- Below all-time high
- −27.3%
- 72.7% of ATH
- All-time high
- $576.7
- Nov 22, 2024
- Time below the high
- 1.7 yrs
- since Nov 22, 2024
- Worst-ever drawdown
- −75.5%
- Nov 16, 1992
- Longest underwater
- 23.6 yrs
- between all-time highs
- Today's level first reached
- Nov 6, 2024
- 1.7 yrs ago
- Last time this deep
- Jun 7, 2024
- in a previous episode
% of all-time high since 1980#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of TPL, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Nov 18, 1980 | Nov 16, 1992 | −75.5% | 12.0 yrs | Jul 8, 2004 | 23.6 yrs |
| Jun 29, 2007 | Mar 9, 2009 | −73.2% | 1.7 yrs | Mar 21, 2013 | 5.7 yrs |
| Apr 12, 2019 | Mar 23, 2020 | −65.8% | 11 mo | Feb 3, 2021 | 1.8 yrs |
| Sep 4, 2014 | Jan 15, 2015 | −53.9% | 4 mo | Sep 28, 2016 | 2.1 yrs |
| Nov 7, 2022 | Jun 23, 2023 | −52.8% | 7 mo | Sep 19, 2024 | 1.9 yrs |
| Nov 22, 2024 | Dec 16, 2025 | −52.6% | 13 mo | not yet | 1.7 yrs+ |
| Oct 3, 2018 | Dec 21, 2018 | −50.5% | 3 mo | Apr 10, 2019 | 6 mo |
| May 7, 2021 | Feb 22, 2022 | −43.0% | 10 mo | Jul 20, 2022 | 14 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 1980: how far TPL stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: TPL is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is TPL from its all-time high?
- TPL is currently 27.3% below its all-time high, set Nov 22, 2024 (as of market close, Jul 24, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest TPL drawdown ever?
- The deepest decline on record in our data (since 1980) took the stock 75.5% below its prior high, bottoming Nov 16, 1992. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 1980 (split-adjusted). "All-time" means since our price data begins — TPL may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.