Is this not what hedgefunds were designed specifically to execute for clients? Presumably using this strategy as their own internal beta or benchmark, and then

Is this not what hedgefunds were designed specifically to execute for clients? Presumably using this strategy as their own internal beta or benchmark, and then finding uncorrelated volatile assets and trades to execute the same thing to generate alpha for themselves, and charging ~2/20 fee struture on it. Literally value machines. Hence their demand for exotic products with uncorrelated volatility characteristics for risk pairing. I superficially get it now. I can see how someone could get the bug for this.