This study intends to explore the modeling of drawdowns variables. Although there are no previous evidences that financial drawdowns are normal, thin-tailed, or thick-tailed distributions, the extreme value theory (EVT) provides flexibilities to model the drawdowns. Throughout our study, we apply limit laws for maxima and uniformity of the convergence to present a comprehensive justification of generalized Pareto distribution (GPD) modeling on drawdowns variables, based on the peak over threshold (POT) framework of EVT. Our justifications provide a theoretical foundation for future studies on the estimation of various promising empirical Drawdown-at-risk (DaR) values.