Indices
PivotalPath Hedge Fund Indices
Rules-based hedge fund indices, covering every major hedge fund strategy, calculated monthly, net of fees, in USD. Constituents need an 18-month minimum track record and $50 million minimum AUM, assessed each 1 January and fixed for the year.
9.3%
Annualised return
4.8%
Annualised volatility
1.48
Sharpe ratio
0.62
Correlation to S&P 500
Composite figures as of August 2026.
Performance statistics
Full performance statistics, construction detail, calendar-year and quarterly returns for all indices.
Monthly return history
Complete monthly history for the headline indices is free to download and redistribute under a Creative Commons licence.
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Common questions
Answered from the published index data.
Do hedge funds generate alpha?
- Composite Jensen’s alpha 5.8% annualised
- On a beta of 0.20
- Published with beta and R² alongside
Are hedge funds correlated?
- Composite correlation to the S&P 500 is 0.62
- Range across strategies: -0.26 to 0.85
Do they protect on the downside?
- Composite captured 5.9% of the market’s decline
- Across 113 falling months since January 2000
How have hedge funds performed?
- Composite has returned 9.3% annualised since January 2000
How are hedge funds doing in 2026?
- Composite is up 7.1% year to date, through August 2026
What did hedge funds return each year?
- Composite returned 12.0% in 2025, the most recent full year
Composite
- CompositeiHFC9.3% ann. · 4.8% volBloomberg Ticker: P2HFCI
- Composite EWiHFCEW9.9% ann. · 5.2% volMembers-only monthly series
Credit
- CreditiCRD8.9% ann. · 4.9% volBloomberg Ticker: P2CRDI
- Credit:Convertible Bond ArbitrageiCRDCBA9.2% ann. · 5.2% volMembers-only monthly series
- Credit:DistressediCRDDSS8.6% ann. · 6.4% volMembers-only monthly series
- Credit:Long/ShortiCRDLSC6.8% ann. · 5.4% volMembers-only monthly series
- Credit:Multi-StrategyiCRDMST8.7% ann. · 5.0% volMembers-only monthly series
- Credit:Relative ValueiCRDREL7.7% ann. · 3.9% volMembers-only monthly series
- Credit:Structured & MBSiCRDMBS11.4% ann. · 7.0% volMembers-only monthly series
Equity Diversified
- Equity DiversifiediEQD9.7% ann. · 7.0% volBloomberg Ticker: P2EQDI
- Equity Diversified:Asia Long/ShortiEQDALS10.6% ann. · 8.7% volMembers-only monthly series
- Equity Diversified:Europe Long/ShortiEQDELS7.4% ann. · 8.3% volMembers-only monthly series
- Equity Diversified:Global Long/ShortiEQDGLS9.9% ann. · 7.1% volMembers-only monthly series
- Equity Diversified:U.S. Long/ShortiEQDULS9.7% ann. · 7.6% volMembers-only monthly series
Equity Market Neutral
- Equity Market NeutraliEMN8.5% ann. · 4.2% volMembers-only monthly series
Equity Quant
- Equity QuantiQNT6.2% ann. · 4.5% volBloomberg Ticker: P2QNTI
Equity Sector
- Equity SectoriEQS13.0% ann. · 8.4% volBloomberg Ticker: P2EQSI
- Equity Sector:Consumer / RetailiEQSCON7.6% ann. · 9.9% volMembers-only monthly series
- Equity Sector:Energy / Utilities / IndustrialsiEQSEUI12.4% ann. · 9.0% volMembers-only monthly series
- Equity Sector:FinancialsiEQSFIN12.0% ann. · 9.6% volMembers-only monthly series
- Equity Sector:HealthcareiEQSHLT15.3% ann. · 11.6% volMembers-only monthly series
- Equity Sector:Real EstateiEQSREI9.9% ann. · 8.2% volMembers-only monthly series
- Equity Sector:Technology / Media / TelecomiEQSTMT10.5% ann. · 9.3% volMembers-only monthly series
Event Driven
- Event DriveniEVD9.3% ann. · 6.9% volBloomberg Ticker: P2EVDI
- Event Driven:Equity Special SituationsiEVDESS11.6% ann. · 8.5% volMembers-only monthly series
- Event Driven:Merger ArbitrageiEVDMER9.6% ann. · 6.9% volMembers-only monthly series
- Event Driven:Multi-EventiEVDMEV9.2% ann. · 7.0% volMembers-only monthly series
Global Macro
- Global MacroiGBM7.9% ann. · 5.9% volBloomberg Ticker: P2GBMI
- Global Macro:CommoditiesiGBMCOM12.3% ann. · 8.6% volMembers-only monthly series
- Global Macro:DiscretionaryiGBMDSC9.6% ann. · 5.5% volMembers-only monthly series
- Global Macro:Multi-ManageriGBMMMA9.9% ann. · 5.0% volMembers-only monthly series
- Global Macro:QuantitativeiGBMQNT6.5% ann. · 6.9% volMembers-only monthly series
- Global Macro:Risk PremiaiGBMRPM8.1% ann. · 10.2% volMembers-only monthly series
Managed Futures
- Managed FuturesiMFT7.3% ann. · 9.3% volBloomberg Ticker: P2MFTI
- Managed Futures:Non-TrendiMFTNTF6.7% ann. · 7.2% volMembers-only monthly series
- Managed Futures:Trend FollowingiMFTTFO7.5% ann. · 11.8% volMembers-only monthly series
Multi-Strategy
- Multi-StrategyiMST9.1% ann. · 4.2% volBloomberg Ticker: P2MSTI
RV
- RViRVI8.7% ann. · 3.4% volBloomberg Ticker: P2RVIMembers-only monthly series
Volatility Trading
- Volatility TradingiVOL8.4% ann. · 5.0% volBloomberg Ticker: P2VOLI
Returns are monthly, net of all fees, in USD. The complete return history is published free under a Creative Commons Attribution licence at github.com/pivotalpath/publicdata, and the full construction methodology — including the treatment of selection, survivorship and backfill bias — is in the index methodology. Past performance does not predict future returns.