Please refer to Worsheet 1-3 Determining the Amount of Net Income Due
to an IRA Contribution and Total Amount To Be Recharacterized
in IRS Pub 590-A
It depends only on when you made the contribution that you want to recharacterize, and when you do the recharacterize (i.e. the custodian executes your request).
the gains and losses of various securities in your account are not going to be a parameter that can be used to your advantage.
@anonymouse1
