Indices › Performance › 2026
Hedge fund research
How have hedge funds performed in 2026?
The PivotalPath Composite Hedge Fund Index returned 7.1% year to date through August 2026. Equity Sector leads at 13.8%; Volatility Trading is weakest at 3.7%.
7.1%
Composite
13.8%
Equity Sector
3.7%
Volatility Trading
13.1%
S&P 500
Year-to-date figures are cumulative through August 2026 and update monthly.
2026 year-to-date returns by strategy
| Index | 2026 YTD | 3y ann. | 5y ann. | Volatility | Correlation to S&P |
|---|---|---|---|---|---|
| Equity Sector | 13.8% | 20.1% | 9.0% | 8.4% | 0.72 |
| Managed Futures | 9.6% | 3.2% | 4.7% | 9.3% | -0.16 |
| Equity Diversified | 8.2% | 13.6% | 7.9% | 7.0% | 0.81 |
| Composite | 7.1% | 11.0% | 7.2% | 4.8% | 0.62 |
| Event Driven | 6.9% | 11.4% | 6.6% | 6.9% | 0.66 |
| Global Macro | 6.0% | 7.6% | 7.0% | 5.9% | 0.04 |
| Multi-Strategy | 5.9% | 10.3% | 7.5% | 4.2% | 0.48 |
| Equity Quant | 3.9% | 10.6% | 9.4% | 4.5% | 0.42 |
| Credit | 3.7% | 8.4% | 6.5% | 4.9% | 0.52 |
| Volatility Trading | 3.7% | 3.7% | 4.4% | 5.0% | -0.20 |
| S&P 500 Total Return | 13.1% | — | — | — | — |
What is driving it
The S&P 500 total return was 13.1% over the same period, so the Composite finished behind the market. The spread between the strongest and weakest strategy was 10.1% — which is the figure an allocator selecting between them is exposed to.
A single calendar year is a short window and says little about a strategy’s long-run behaviour. The since-inception figures are on each index page.
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.