HFRX® Indices Performance Tables
The HFRX® Indices utilize a rigorous quantitative selection process to represent the larger hedge fund universe. Registered Users can view detailed information on each index, including the full performance history and charting features.
HFR® is the established global leader in the indexation, analysis and research of the hedge fund industry. With over 150 indices ranging from broad composites down to specific, niche areas of sub-strategy and regional investment focus, the HFR Indices are considered the industry standard benchmarks of hedge fund performance.
Investable | Learn more about Investable HFRX Index Products |
HFR offers three HFRX Index series: the daily-reporting HFRX Indices (UCITS) which are comprised of liquid alternative UCITS funds, the monthly-reporting HFRX Indices (Flagship Funds) which are comprised of private hedge funds and the HFRX ESG Indices which utilize an ESG framework.
HOLIDAY HOURS NOTICE: Please note that HFR’s offices will be closed on Monday, May 29th in honor of the Memorial Day US market holiday.
Updated daily HFRX Index performance will not be published until Tuesday, May 30th.
HFRX Indices (UCITS)
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | View Strategies | |
---|---|---|---|---|---|---|---|---|---|---|
HFRX Global Hedge Fund Index › | 0.1775% | 0.18% | 0.05% | 1368.49 | -0.46% | -0.13% | -1.26% | 2.83% | VIEW + | |
HFRX Equity Hedge Index › | 0.3439% | 0.34% | 2.02% | 1476.48 | 0.26% | 1.67% | 1.23% | 7.99% | VIEW + | |
HFRX Event Driven Index › | 0.1629% | 0.16% | -3.20% | 1589.02 | -2.63% | -3.36% | -6.42% | -0.31% | VIEW + | |
HFRX Macro/CTA Index › | 0.1408% | 0.14% | -0.15% | 1264.96 | 0.89% | -0.29% | 1.54% | 2.43% | VIEW + | |
HFRX Relative Value Arbitrage Index › | 0.0432% | 0.04% | 1.47% | 1268.59 | 0.03% | 1.42% | -0.31% | 0.76% | VIEW + |
Global
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Global Hedge Fund Index › | 0.1775% | 0.18% | 0.05% | 1368.49 | -0.46% | -0.13% | -1.26% | 2.83% | |
HFRX Equal Weighted Strategies Index › | 0.1560% | 0.16% | -0.04% | 1328.46 | -0.56% | -0.20% | -0.89% | 2.34% | |
HFRX Absolute Return Index › | 0.0275% | 0.03% | -0.53% | 1161.76 | -0.58% | -0.56% | 0.30% | 2.61% | |
HFRX Market Directional Index › | 0.3709% | 0.37% | 2.66% | 1286.04 | -0.50% | 2.29% | -0.69% | 4.48% |
Equity Hedge
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Equity Hedge Index › | 0.3439% | 0.34% | 2.02% | 1476.48 | 0.26% | 1.67% | 1.23% | 7.99% | |
HFRX EH: Equity Market Neutral Index › | 0.1793% | 0.18% | -0.08% | 925.96 | 0.18% | -0.26% | -1.01% | 1.28% | |
HFRX EH: Fundamental Growth Index › | 0.3800% | 0.38% | 2.64% | 1839.42 | 0.68% | 2.26% | -1.48% | 9.93% | |
HFRX EH: Fundamental Value Index › | 0.3420% | 0.34% | 1.92% | 1564.50 | 0.04% | 1.58% | 2.91% | 7.35% |
Event-Driven
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Event Driven Index › | 0.1629% | 0.16% | -3.20% | 1589.02 | -2.63% | -3.36% | -6.42% | -0.31% | |
HFRX ED: Merger Arbitrage Index › | -0.0688% | -0.07% | -3.99% | 1891.26 | -3.06% | -3.93% | -1.75% | 2.11% | |
HFRX ED: Special Situations Index › | 0.1782% | 0.18% | -3.15% | 1283.69 | -2.60% | -3.32% | -6.70% | -0.44% |
Macro
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Macro/CTA Index › | 0.1408% | 0.14% | -0.15% | 1264.96 | 0.89% | -0.29% | 1.54% | 2.43% | |
HFRX Macro: Systematic Diversified CTA Index › | 0.1889% | 0.19% | -1.49% | 1862.90 | 2.49% | -1.67% | 1.82% | 5.33% |
Relative Value
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Relative Value Arbitrage Index › | 0.0432% | 0.04% | 1.47% | 1268.59 | 0.03% | 1.42% | -0.31% | 0.76% | |
HFRX RV: FI-Convertible Arbitrage Index › | 0.2779% | 0.28% | 3.62% | 903.56 | 0.34% | 3.33% | 0.05% | 2.56% | |
HFRX RV: Multi-Strategy Index › | 0.0211% | 0.02% | 1.26% | 1942.05 | 0.00% | 1.24% | -0.34% | 0.60% |
Regional
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Multi-Region Index › | 0.0455% | 0.05% | -2.20% | 1440.48 | -1.45% | -2.25% | -3.53% | 0.92% | |
HFRX Emerging Markets Composite Index › | 0.3429% | 0.34% | 5.54% | 2139.83 | 0.55% | 5.17% | -1.51% | 10.48% |
FX Hedged
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Equal Weighted Strategies CHF Index › | 0.1121% | 0.11% | -1.69% | 1171.76 | -0.92% | -1.80% | -4.22% | 0.34% | |
HFRX Equal Weighted Strategies EUR Index › | 0.1367% | 0.14% | -1.02% | 1057.31 | -0.77% | -1.16% | -3.35% | 0.78% | |
HFRX Equal Weighted Strategies GBP Index › | 0.1488% | 0.15% | -0.29% | 2256.70 | -0.63% | -0.44% | -1.86% | 1.77% | |
HFRX Equal Weighted Strategies JPY Index › | 0.1200% | 0.12% | -2.23% | 102462.33 | -1.09% | -2.34% | -4.95% | 0.64% | |
HFRX Global Hedge Fund CAD Index › | 0.1625% | 0.16% | -0.16% | 1320.30 | -0.53% | -0.32% | -1.47% | 2.66% | |
HFRX Global Hedge Fund CHF Index › | 0.1329% | 0.13% | -1.59% | 1134.82 | -0.82% | -1.72% | -4.57% | 0.54% | |
HFRX Global Hedge Fund EUR Index › | 0.1576% | 0.16% | -0.93% | 1024.71 | -0.67% | -1.08% | -3.69% | 0.97% | |
HFRX Global Hedge Fund GBP Index › | 0.1708% | 0.17% | -0.20% | 2211.43 | -0.53% | -0.37% | -2.19% | 1.93% | |
HFRX Global Hedge Fund JPY Index › | 0.1421% | 0.14% | -2.13% | 105163.07 | -0.99% | -2.27% | -5.27% | 1.13% | |
HFRX Equity Hedge EUR Index › | 0.3200% | 0.32% | 1.02% | 1192.81 | 0.08% | 0.70% | -1.32% | 6.24% | |
HFRX Macro/CTA EUR Index › | 0.1150% | 0.11% | -1.00% | 1051.83 | 0.73% | -1.11% | -0.58% | 1.00% | |
HFRX Event Driven EUR Index › | 0.1534% | 0.15% | -4.21% | 1287.77 | -2.90% | -4.36% | -8.77% | -1.84% | |
HFRX Relative Value Arbitrage EUR Index › | 0.0215% | 0.02% | 0.47% | 1031.79 | -0.16% | 0.44% | -2.89% | -0.83% |
Thematic
Index Name | DTD | MTD | YTD | Index Value | May 2023 | YTD | LAST 12M | LAST 36M | |
---|---|---|---|---|---|---|---|---|---|
HFRX Fixed Income - Credit Index › | 0.1093% | 0.11% | 2.06% | 2160.49 | -0.09% | 1.95% | -0.55% | 0.70% |
HFRX Indices (ESG)
HFR offers several HFRX Indices that are constructed utilizing an ESG framework, including the HFRX Alternative Energy, HFRX Diversity, and HFRX Diversity: Women Indices, and our newest ESG index, the HFRX Climate Change Index. HFRX ESG Indices utilize state-of-the-art quantitative techniques and analysis, multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding universe: Climate Change-focused hedge funds, Alternative Energy hedge funds, and the women- and minority-owned hedge fund universes. HFR is also currently working on HFRX Energy Transition and HFRX Carbon Trading Indices
New: HFRX Climate Change Index
HFR Inc. is pleased to announce the launch of our latest HFRX ESG index, the HFRX Climate Change Index (HFRXCLCH). We believe it is an important addition to our lineup of HFRX ESG Indices. Around three years ago, the HFR team realized that there was a strong and growing market for ESG and climate change focused hedge funds. Over that period, we have seen an increase in launches of funds with a climate change focus and designed the HFRX Climate Change Index to be representative of this new and growing universe.
The Index is the first of its kind: A hedge fund index focused on climate change, composed of funds that identify opportunities in securities with the goal of reducing the impact of climate change, by identifying companies engaged in the development of new technologies that will facilitate the energy transition from traditional energy sources to renewable sources, engaging with companies to lower their carbon footprint, or trading carbon allowances in regulated markets.
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Alternative Energy Index › | 1.51% | 2956.14 | 0.76% | 3.06% | 17.84% | 13.31% | |
HFRX Climate Change Index › | -0.57% | 1822.91 | -2.16% | 2.55% | 15.16% | 9.31% | |
HFRX Energy Transition Index › | -0.63% | 1834.26 | -3.32% | 3.38% | 18.24% | 9.44% | |
HFRX Diversity Index › | -0.03% | 3753.41 | 0.27% | -0.03% | 5.08% | 4.58% | |
HFRX Diversity: Women Index › | -1.84% | 1925.88 | 2.35% | -7.33% | 4.94% | 4.75% |
All HFRX ESG indices are investable, with tracking products offered by our affiliate, HFR Investments, LLC. Please visit hfr-investments.com to learn more about investable HFRX indices. HFR Investments has created a list of Frequently Asked Questions page for ESG and climate change hedge funds, which you can link to below:
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HFRX Indices (Flagship Funds)
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | View Strategies | |
---|---|---|---|---|---|---|---|---|
HFRX Global Hedge Fund Index (Flagship Funds) › | 0.11% | 1652.16 | 0.03% | -1.84% | 6.31% | 3.92% | VIEW + | |
HFRX Equity Hedge Index (Flagship Funds) › | -0.32% | 1497.08 | -1.14% | -3.50% | 5.49% | 3.48% | VIEW + | |
HFRX Event Driven Index (Flagship Funds) › | -0.06% | 1597.58 | 1.46% | -0.42% | 9.44% | 5.44% | VIEW + | |
HFRX Macro/CTA Index (Flagship Funds) › | 0.53% | 1637.85 | -2.98% | -1.89% | 6.36% | 4.67% | VIEW + | |
HFRX Relative Value Index (Flagship Funds) › | 0.46% | 1766.66 | 1.78% | -1.57% | 4.69% | 2.54% | VIEW + |
Global
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Global Hedge Fund Index (Flagship Funds) › | 0.11% | 1652.16 | 0.03% | -1.84% | 6.31% | 3.92% | |
HFRX Aggregate Index (Flagship Funds) › | 0.24% | 2054.49 | 0.25% | -0.28% | 6.70% | 3.19% | |
HFRX Alternative Energy Index › | 1.51% | 2956.14 | 0.76% | 3.06% | 17.84% | 13.31% | |
HFRX Climate Change Index › | -0.57% | 1822.91 | -2.16% | 2.55% | 15.16% | 9.31% | |
HFRX Energy Transition Index › | -0.63% | 1834.26 | -3.32% | 3.38% | 18.24% | 9.44% | |
HFRX Diversity Index › | -0.03% | 3753.41 | 0.27% | -0.03% | 5.08% | 4.58% | |
HFRX Diversity: Women Index › | -1.84% | 1925.88 | 2.35% | -7.33% | 4.94% | 4.75% |
Equity Hedge
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Equity Hedge Index (Flagship Funds) › | -0.32% | 1497.08 | -1.14% | -3.50% | 5.49% | 3.48% | |
HFRX EH: Energy/Basic Materials Index (Flagship Funds) › | 0.19% | 2776.09 | -0.25% | -2.21% | 15.71% | 8.66% | |
HFRX EH: Equity Market Neutral Index (Flagship Funds) › | 0.28% | 1287.08 | 1.35% | 2.78% | 3.10% | 2.38% | |
HFRX EH: Fundamental Growth Index (Flagship Funds) › | 0.29% | 1537.25 | 2.12% | 3.01% | 11.47% | 4.45% | |
HFRX EH: Fundamental Value Index (Flagship Funds) › | -0.46% | 1300.13 | -2.35% | -5.60% | 3.21% | 2.39% | |
HFRX EH: Multi-Strategy Index (Flagship Funds) › | 0.62% | 3348.26 | 0.00% | -2.90% | 13.02% | 7.48% | |
HFRX EH: Quantitative Directional Index (Flagship Funds) › | -0.99% | 2183.10 | 4.76% | 1.17% | 8.94% | 2.72% | |
HFRX EH: Short Bias Index (Flagship Funds) › | 0.59% | 175.56 | -10.43% | -12.80% | -25.93% | -17.55% | |
HFRX EH: Technology/Healthcare Index (Flagship Funds) › | -1.15% | 3818.26 | -3.50% | -6.95% | 3.18% | 5.26% |
Event-Driven
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Event Driven Index (Flagship Funds) › | -0.06% | 1597.58 | 1.46% | -0.42% | 9.44% | 5.44% | |
HFRX ED: Activist Index (Flagship Funds) › | -1.44% | 3731.43 | 3.06% | 1.66% | 17.28% | 8.19% | |
HFRX ED: Credit Arbitrage Index (Flagship Funds) › | 0.31% | 2667.92 | 2.73% | 0.20% | 9.91% | 1.81% | |
HFRX ED: Distressed Restructuring Index (Flagship Funds) › | -0.26% | 1802.02 | 1.64% | 6.91% | 12.10% | 5.63% | |
HFRX ED: Merger Arbitrage Index (Flagship Funds) › | 0.15% | 2113.75 | -0.87% | -2.64% | 6.71% | 4.63% | |
HFRX ED: Multi-Strategy Index (Flagship Funds) › | 1.06% | 2607.52 | 3.09% | -5.69% | 10.27% | 3.91% | |
HFRX ED: Special Situations Index (Flagship Funds) › | 0.29% | 1356.25 | 0.49% | -3.86% | 5.30% | 0.66% |
Macro
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Macro/CTA Index (Flagship Funds) › | 0.53% | 1637.85 | -2.98% | -1.89% | 6.36% | 4.67% | |
HFRX Macro: Active Trading Index (Flagship Funds) › | 0.34% | 2317.17 | 0.59% | -0.68% | 7.04% | 3.81% | |
HFRX Macro: Commodity Index (Flagship Funds) › | 1.54% | 1988.33 | -3.02% | 5.85% | 12.99% | 6.61% | |
HFRX Macro: Commodity-Agriculture Index (Flagship Funds) › | 1.32% | 1719.67 | 4.53% | 4.35% | 14.37% | 4.46% | |
HFRX Macro: Commodity-Energy Index (Flagship Funds) › | 1.15% | 2219.70 | -4.72% | -1.42% | 21.52% | 11.99% | |
HFRX Macro: Commodity-Metals Index (Flagship Funds) › | 0.22% | 2040.68 | -3.20% | -2.67% | 9.89% | 4.08% | |
HFRX Macro: Currency Index (Flagship Funds) › | 0.21% | 1133.32 | -0.06% | 4.38% | 2.49% | 1.85% | |
HFRX Macro: Discretionary Thematic Index (Flagship Funds) › | -0.80% | 2337.77 | -6.16% | 0.45% | 3.02% | 3.03% | |
HFRX Macro: Multi-Strategy Index (Flagship Funds) › | 0.36% | 2094.98 | -0.99% | 1.60% | 4.85% | 2.77% | |
HFRX Macro: Systematic Diversified CTA Index (Flagship Funds) › | 1.18% | 1851.81 | -2.50% | -5.29% | 8.20% | 6.18% |
Relative Value
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Relative Value Index (Flagship Funds) › | 0.46% | 1766.66 | 1.78% | -1.57% | 4.69% | 2.54% | |
HFRX RV: FI-Asset Backed Index (Flagship Funds) › | 0.86% | 3801.73 | -0.88% | -2.89% | 6.05% | -1.03% | |
HFRX RV: FI-Convertible Arbitrage Index (Flagship Funds) › | 0.19% | 2270.67 | 0.53% | 0.22% | 8.49% | 6.44% | |
HFRX RV: FI-Corporate Index (Flagship Funds) › | 0.85% | 2013.58 | 3.43% | -2.26% | 5.05% | 1.91% | |
HFRX RV: FI-Sovereign Index (Flagship Funds) › | -1.63% | 2043.03 | -1.94% | 3.65% | 4.38% | 3.96% | |
HFRX RV: Real Estate Index (Flagship Funds) › | 0.68% | 1864.10 | 1.24% | -0.20% | 9.49% | 5.43% | |
HFRX RV: Multi-Strategy Index (Flagship Funds) › | 0.41% | 1580.37 | 2.13% | -1.68% | 4.35% | 3.08% | |
HFRX RV: Volatility Index (Flagship Funds) › | 0.65% | 2364.41 | 0.32% | 3.36% | 7.93% | 5.29% | |
HFRX RV: Yield Alternative Index (Flagship Funds) › | 1.45% | 2471.59 | 2.52% | -5.93% | 10.60% | 3.63% |
Americas
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Latin America Index (Flagship Funds) › | 1.95% | 2121.40 | 4.98% | 2.17% | 10.50% | -1.18% | |
HFRX North America Index (Flagship Funds) › | 0.28% | 1440.92 | 1.12% | -0.70% | 4.98% | 0.62% |
Asia
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Asia Composite Hedge Fund Index (Flagship Funds) › | 0.17% | 2554.74 | -0.69% | 0.03% | 3.14% | 0.36% | |
HFRX Asia Equally Weighted Index (Flagship Funds) › | 0.11% | 2780.04 | -0.48% | 1.31% | 4.60% | 1.55% | |
HFRX Asia ex-Japan Index (Flagship Funds) › | 0.23% | 2443.57 | 0.32% | -1.64% | -0.12% | -2.90% | |
HFRX Asia with Japan Index (Flagship Funds) › | 0.40% | 2795.28 | -4.63% | -2.90% | 2.80% | 1.46% | |
HFRX Japan Index (Flagship Funds) › | -0.31% | 2793.43 | 2.85% | 8.47% | 10.48% | 5.51% |
Europe
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Northern Europe Index (Flagship Funds) › | 0.20% | 2204.85 | 4.36% | 1.33% | 3.56% | 1.66% | |
HFRX Russia/Eastern Europe Index (Flagship Funds) › | -0.10% | 1828.54 | 0.66% | 7.85% | 7.47% | 2.59% | |
HFRX Western/Pan Europe Index (Flagship Funds) › | 1.19% | 2941.44 | 1.37% | 4.53% | 7.40% | 4.41% |
Emerging Markets
Index Name | ROR | Index Value | YTD | LAST 12M | LAST 36M | LAST 60M | |
---|---|---|---|---|---|---|---|
HFRX Asia ex-Japan Index (Flagship Funds) › | 0.23% | 2443.57 | 0.32% | -1.64% | -0.12% | -2.90% | |
HFRX Brazil Index (Flagship Funds) › | 3.92% | 1810.31 | 4.58% | -1.87% | 9.68% | 1.48% | |
HFRX BRIC Index (Flagship Funds) › | 1.11% | 3582.07 | 1.88% | -0.55% | 9.02% | 1.20% | |
HFRX China Index (Flagship Funds) › | -3.56% | 3496.27 | 1.52% | -11.07% | -6.04% | -4.76% | |
HFRX India Index (Flagship Funds) › | 5.12% | 4706.15 | 1.55% | -5.65% | 23.59% | 4.15% | |
HFRX Latin America Index (Flagship Funds) › | 1.95% | 2121.40 | 4.98% | 2.17% | 10.50% | -1.18% | |
HFRX MENA Index (Flagship Funds) › | -0.20% | 3548.81 | 1.21% | -4.54% | 7.90% | 6.27% | |
HFRX Multi-Emerging Markets Index (Flagship Funds) › | 0.35% | 2427.65 | 2.09% | -0.70% | 2.89% | 1.39% | |
HFRX Russia Index (Flagship Funds) › | -1.03% | 2238.56 | -0.50% | 15.44% | 5.54% | -0.35% | |
HFRX Russia/Eastern Europe Index (Flagship Funds) › | -0.10% | 1828.54 | 0.66% | 7.85% | 7.47% | 2.59% | |
HFRX Total Emerging Market Index (Flagship Funds) › | 1.45% | 2494.91 | 2.98% | 5.24% | 6.19% | 2.07% |
HFRX INDICES MAY 2023 PERFORMANCE NOTES
In May, global financial markets posted mixed performance with gains in Technology and AI equities offset by declines in commodities, higher interest rates, and ongoing concerns regarding economic growth in 2023. Technology equities led gains with strong earnings from Nvidia boosting semiconductor and AI-related equities. Energy and Financials led declines through Financials volatility which peaked in early May and moderated throughout the month as investors shifted focus to debt ceiling proceedings; European and Asian equities declined across most regions, although Japan gained. Interest rates increased as investor focus adjusted from regional bank volatility to debt ceiling legislation and economic outlook. The US Dollar gained against most currencies. Oil, Natural Gas, Platinum, and Soybeans led commodities declines.
Hedge Funds posted mixed performance led by Macro & Equity Hedge strategies, with the HFRX Global Hedge Fund Index declining -0.46% for the month.
HFRX Macro/CTA Index posted a gain of +0.89% for the month led by gains in systematic trend-following managers. The HFRX Macro Systematic/CTA Index gained +2.49% in May as the US Dollar gained against most currencies. Overall, commodities declined for the month led by Oil, Natural Gas, and Platinum.
HFRX Equity Hedge Index gained +0.26% from gains in Fundamental Growth and Value strategies as well as Market Neutral strategies. The HFRX Fundamental Growth Index gained +0.68% for the month from gains realized in small-cap US and European equities. The HFRX Market Neutral Index gained +0.18% from gains in mean reverting, factor-based strategies. The HFRX Fundamental Value Index gained +0.04% from gains in exposure to large-cap US and European equities.
HFRX Relative Value Index gained +0.03% for the month from gains in Convertible Arbitrage strategies partially offset by Multi-Strategy managers. The HFRX Convertible Arbitrage Index gained +0.34% as markets continued to see volatility through May. The HFRX RV: Multi-Strategy Index posted performance of +0.00% in May as the Federal Reserve increased interest rates.
HFRX Event Driven Index declined -2.63% from declines in Merger Arbitrage managers and Special Situations equity strategies. The HFRX Special Situations Index declined -2.60% from declines in exposure to global catalyst-driven, fundamental value equities. The HFRX Merger Arbitrage Index declined -3.06% as global equities saw mixed performance across geographies and sectors in May.
Comments reference performance figures as of May 31, 2023