Just curious, would you have to adjust the values for inflation with these numbers? i.e. to compute the percent of starting years for which 10 years of holding

Just curious, would you have to adjust the values for inflation with these numbers? i.e. to compute the percent of starting years for which 10 years of holding the S&P 500 would underperform 36.3% (the average of the 5 hedge fund-of-funds)?