Yes, agreed but am wary of comparing any proper hedge fund's returns over a short time frame vs the market. They are supposed to be absolute return vehicles.

Yes, agreed but am wary of comparing any proper hedge fund's returns over a short time frame vs the market. They are supposed to be absolute return vehicles. By nature of (supposed) uncorrelated returns, a lot of funds are not going to beat the market if it just goes up and to the right but definitely should be outperforming in other markets.