A strategy can look exceptionally stable because its losses are being measured at the wrong frequency.

Suppose a portfolio is marked once per day.

The daily return series looks smooth.

But intraday, the same portfolio may repeatedly experience sharp 4–6% drawdowns before recovering by the close.

Those risks disappear from daily statistics.

This is sampling-frequency risk.

Sharpe ratio, volatility, drawdown, and correlation can all change depending on how frequently the portfolio is observed.

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But risk measurement needs the same granularity as the strategy.

If positions can change dramatically within minutes, daily closing prices may hide the exact instability that determines liquidation risk, stop execution, and capital requirements.

Risk does not disappear because your spreadsheet did not sample it.

Measure the portfolio at the frequency where the economic danger actually exists—not merely where the performance report looks cleanest.