diff --git a/src/crypto_strategies/backtest/orchestrator_runner.py b/src/crypto_strategies/backtest/orchestrator_runner.py
index f7ee48c..dffe697 100644
--- a/src/crypto_strategies/backtest/orchestrator_runner.py
+++ b/src/crypto_strategies/backtest/orchestrator_runner.py
@@ -125,7 +125,7 @@ def _metrics_to_result(
         raise ImportError("quant_platform_kit is required to build BacktestResult")
     cagr = float(metrics.get("CAGR") or 0.0)
     max_drawdown = float(metrics.get("Max Drawdown") or 0.0)
-    calmar = abs(cagr / max_drawdown) if max_drawdown else None
+    calmar = cagr / abs(max_drawdown) if max_drawdown else None
     return BacktestResult(
         strategy_profile=strategy_profile,
         domain="crypto",
diff --git a/tests/test_orchestrator_runner.py b/tests/test_orchestrator_runner.py
index 1b41433..9c12cc4 100644
--- a/tests/test_orchestrator_runner.py
+++ b/tests/test_orchestrator_runner.py
@@ -16,6 +16,7 @@
     SUPPORTED_PROFILES,
     CryptoEquityComboBacktestRunner,
     CryptoLivePoolBacktestRunner,
+    _metrics_to_result,
     build_backtest_runner,
 )
 from crypto_strategies.strategies.crypto_equity_combo import PROFILE_NAME as CRYPTO_EQUITY_COMBO_PROFILE
@@ -127,6 +128,22 @@ def test_walk_forward_combo_profile(self) -> None:
 class AccountingMetricsRegressionTests(unittest.TestCase):
     """QSL-20260906-006 / 007: initial NAV drawdown + fee-constrained share ledger."""
 
+    def test_calmar_keeps_cagr_sign_for_live_pool_and_combo(self) -> None:
+        cases = ((-0.1, -0.2, -0.5), (0.1, -0.2, 0.5), (0.0, -0.2, 0.0), (0.1, 0.0, None))
+        for profile in (PROFILE_NAME, CRYPTO_EQUITY_COMBO_PROFILE):
+            for cagr, max_drawdown, expected in cases:
+                with self.subTest(profile=profile, cagr=cagr, max_drawdown=max_drawdown):
+                    result = _metrics_to_result(
+                        strategy_profile=profile,
+                        params={},
+                        metrics={"CAGR": cagr, "Max Drawdown": max_drawdown},
+                        start_date=date(2024, 1, 1),
+                        end_date=date(2024, 12, 31),
+                        run_duration_seconds=0.0,
+                    )
+                    self.assertEqual(result.calmar_ratio, expected)
+                    self.assertIsNone(result.validation_identity)
+
     def test_max_drawdown_includes_initial_nav(self) -> None:
         from crypto_strategies.backtest.live_pool_simulator import _performance_metrics