Hedge fund performance in 2018 is itself a diversified mix. While the HFRI Fund Weighted is up a scant 0.41% year to date, there are individual outperformers and even strong sector performers making headway. Long / Short stock strategies, for instance, are finding opportunities as market prices start adjusting more rapidly. The gamma-based markets are contrasted with volatility arbitrage hedge funds, many of which are seeing the reality of a new VIX duration yield curve vexing.

Volatility and options strategies had a strong April, the May 9 Evestment Hedge Fund Industry Performance Report shows. But the positive 1.07% in that category is contrasted by a negative -1.04% category return for one...

