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Compare HFR Index Types

What characteristics differentiate the various HFR Index families?

	HFRI Indices	HFRI 500 Indices	HFRI-I Indices	HFRI Institutional Indices	HFRX Indices	HFRU Indices	HFR Bank Systematic Risk Premia Indices	HFR Risk Parity Indices	HFR Blockchain Indices	HFR Asset Manager Risk Premia Indices
Inception	Varies by index (Earliest 1990)	Since 2005	Since 2008	Since 2008	Varies by index (Earliest 1998)	Since 2008	Varies by index (Earliest 2006)	Varies by index (Earliest 2003)	Since 2015	Since 2017
Weighting	Most Equal-weighted; Five Asset-weighted Indices	Equal-weighted	Equal-weighted	Equal-weighted; Strategy-Weighted	Varies by index	Equal-weighted	Inverse-volatility weighted	Equal-weighted (Annual Rebalance)	Equal-weighted (Quarterly Rebalance)	Equal-weighted (Quarterly Rebalance)
Reporting Style	Net of all fees	Net of all fees	Net of all fees	Net of all fees	Net of all fees	Net of all fees	Net of costs	Net of all fees	Net of all fees	Net of all fees
Performance Time Series Available	Monthly	Monthly	Daily	Monthly	Daily or Monthly	Daily since 2011 Monthly since 2008	Daily	Monthly	Monthly	Daily
Index performance finalized	Published twice as estimates before being finalized Update Schedule	Published twice as estimates before being finalized Update Schedule	Performance is final when published	Published twice as estimates before being finalized Update Schedule	Daily Index performance is final when published. Monthly-only Index performance finalized after one month. HFRX Update Schedule	Trailing 5 days of performance are subject to revision	Performance is final when published	Published twice as estimates before being finalized Update Schedule	Published twice as estimates before being finalized Update Schedule	Performance is final when published
Index rebalanced	Annually	Quarterly	Quarterly	Annually	Quarterly	Quarterly	Annually	Annually	Quarterly	Quarterly
Criteria for fund inclusion	Listing in HFR Database; Reports monthly net of all fees performance and assets in USD. See full methodology for details. Methodology Details	Reports monthly net of all fees performance and assets in USD. Provide quarterly redemption liquidity or better. See full methodology for details. Methodology Details	Fund is UCITS compliant; Reports daily performance to HFR. Methodology Details	Listing in HFR Database; Reports monthly net of all fees performance and assets in USD. See full methodology for details. Methodology Details	Subject to HFRX quantitative selection process. Methodology Details	Fund is UCITS compliant; Reports daily performance to HFR. Methodology Details	Reports daily performance to HFR. Methodology Details	Listing in HFR Database; Reports monthly net of all fees performance and assets in USD. Methodology Details	Listing in HFR Database; Reports monthly net of all fees performance and assets. Methodology Details	Reports daily performance to HFR. Methodology Details
Minimum Asset Size and/or Track Record for fund inclusion	$10 Million USD minimum	N/A	$30 Million USD minimum and > 6-Month Track Record	$500 Million minimum	$50 Million and 24-Month Track Record (typical)	€10 Million EUR minimum or > 6-Month Track Record	N/A	No minimum; Institutional variations require AUM of USD $500MM+ at time of inclusion in the index	No minimum	N/A
Index Denomination	USD; some hedged to GBP, JPY, CHF & EUR	USD	USD	USD	USD; some hedged to GBP, JPY, CHF, EUR & CAD	EUR; some hedged to GBP, JPY, CHF & USD	USD	USD	USD	USD
Investable Index	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information	Yes, Contact HFR for more information
Constituent Details	Available to HFR Database subscribers	Contact HFR	Contact HFR	Contact HFR	Available to HFR Database subscribers	Available to HFR Database subscribers	Contact HFR	Contact HFR	Contact HFR	Contact HFR
Number of Constituent Funds	Appx 1,000 in HFRI Fund Weighted Composite; Appx 200 in HFRI Fund of Funds Composite	500 at time of rebalance	Appx 100 funds in the HFRI-I Liquid Alternative UCITS Index	Over 250 in total constituent universe	Appx. 40 in the HFRX Global Hedge Fund Index. Monthly only constituents vary by index.	Over 250 funds in the HFRU Hedge Fund Composite Index	Indices represent over 200 component strategies	Appx. 25 in total constituent universe	Over 20 in total constituent universe	Appx. 20 in total constituent universe

Monthly-reporting HFR Indices Update Schedules

Indices	Publication Schedule	Details
HFRI Indices HFRI 500 Indices HFRI Institutional Indices HFR Risk Parity Indices HFR Blockchain Indices HFR FOF Vol (S) Indices	Flash Estimate	5th US business day of the month
	Mid Estimate	15th of month or nearest US business day thereafter
	Final	Third to last US business day of the month

HFRI FOF Indices	Publication Schedule	Details
HFRI FOF Indices	Flash Estimate	5th US business day of the month
	Mid-Estimate	15th of month or nearest US business day afterwards
	End Estimate	1st US business day of following month
	Ongoing Estimates	Subject to revision for 3 more months
	Finalized	1st US business day of 5th month

HFRX Indices	Publication Schedule	Details
HFRX Indices (Flagship Funds)	Initial Estimate	15th of Month (after month end) or nearest US business day afterwards
	Final	Third to last US business day of the month

Daily-reporting HFR Indices Update Schedules

Index Type	Publication Schedule	Details
HFRX Indices (UCITS)	Final when reported	Reported on a T+1 basis

HFRI-I Liquid Alternative Indices	Final when reported	Reported on a T+1 basis

HFR Bank Systematic Risk Premia Indices	Final when reported	Reported on a T+1 basis

HFR Asset Manager Risk Premia Indices	Final when reported	Reported on a T+1 basis

HFRU Indices	First Estimate	Reported on a T+1 basis
	Ongoing Estimates	Subject to revision for 5 business days
	Finalized	Finalized after 5 business days have elapsed