If a portfolio reaches $100,000 and falls to $62,000 before recovering, its maximum drawdown was 38%. It is the number describing what an investor actually lived through, which makes it more useful than volatility for deciding how much risk you can tolerate.
Global equities have fallen more than 40% several times in the past century, and virtually all of those falls recovered. But they recovered for the people who stayed invested.
An honest exercise before choosing a portfolio: take your current net worth, subtract 40%, and look at the resulting figure. If you still call that number "a rough patch", your allocation is bearable. If you call it "an emergency", it is too aggressive, whatever any questionnaire says.