  This paper considers magnitude, asymptotics and duration of drawdowns for
some L\'{e}vy processes. First, we revisit some existing results on the
magnitude of drawdowns for spectrally negative L\'{e}vy processes using an
approximation approach. For any spectrally negative L\'{e}vy process whose
scale functions are well-behaved at $0+$, we then study the asymptotics of
drawdown quantities when the threshold of drawdown magnitude approaches zero.
We also show that such asymptotics is robust to perturbations of additional
positive compound Poisson jumps. Finally, thanks to the asymptotic results and
some recent works on the running maximum of L\'{e}vy processes, we derive the
law of duration of drawdowns for a large class of L\'{e}vy processes (with a
general spectrally negative part plus a positive compound Poisson structure).
The duration of drawdowns is also known as the "Time to Recover" (TTR) the
historical maximum, which is a widely used performance measure in the fund
management industry. We find that the law of duration of drawdowns
qualitatively depends on the path type of the spectrally negative component of
the underlying L\'{e}vy process.
