Yes you have more money than you started with, but you will still be down compared with an index that did not have a 50% drawdown at any point. - Unless you w

Yes you have more money than you started with, but you will still be down compared with an index that did not have a 50% drawdown at any point. - Unless you were late to the party. If you didn't get in the fund until (say) November, you have lost money.