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Abstract Global gridded precipitation products have proven essential for many applications ranging from hydrological modeling and climate model validation to natural hazard risk assessment. They provide a global picture of how precipitation varies across time and space, specifically in regions where ground-based observations are scarce. While the application of global precipitation products has become widespread, there is limited knowledge on how well these products represent the magnitude and frequency of extreme precipitation—the key features in triggering flood hazards. Here, five global precipitation datasets (MSWEP, CFSR, CPC, PERSIANN-CDR, and WFDEI) are compared to each other and to surface observations. The spatial variability of relatively high precipitation events (tail heaviness) and the resulting discrepancy among datasets in the predicted precipitation return levels were evaluated for the time period 1979–2017. The analysis shows that 1) these products do not provide a consistent representation of the behavior of extremes as quantified by the tail heaviness, 2) there is strong spatial variability in the tail index, 3) the spatial patterns of the tail heaviness generally match the Köppen–Geiger climate classification, and 4) the predicted return levels for 100 and 1000 years differ significantly among the gridded products. More generally, our findings reveal shortcomings of global precipitation products in representing extremes and highlight that there is no single global product that performs best for all regions and climates. 

Abstract As droughts have widespread social and ecological impacts, it is critical to develop long‐term adaptation and mitigation strategies to reduce drought vulnerability. Climate models are important in quantifying drought changes. Here, we assess the ability of 285 CMIP6 historical simulations, from 17 models, to reproduce drought duration and severity in three observational data sets using the Standardized Precipitation Index (SPI). We used summary statistics beyond the mean and standard deviation, and devised a novel probabilistic framework, based on the Hellinger distance, to quantify the difference between observed and simulated drought characteristics. Results show that many simulations have less thanerror in reproducing the observed drought summary statistics. The hypothesis that simulations and observations are described by the same distribution cannot be rejected for more thanof the grids based on ourdistance framework. No single model stood out as demonstrating consistently better performance over large regions of the globe. The variance in drought statistics among the simulations is higher in the tropics compared to other latitudinal zones. Though the models capture the characteristics of dry spells well, there is considerable bias in low precipitation values. Good model performance in terms of SPI does not imply good performance in simulating low precipitation. Our study emphasizes the need to probabilistically evaluate climate model simulations in order to both pinpoint model weaknesses and identify a subset of best‐performing models that are useful for impact assessments.