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Hedge funds stage a rebound in October

Just as it seemed as if 2015 would be a total wipeout for hedge funds, October brought the industry some life.

As a whole, the $2.8 trillion industry rebounded to a 1.8 percent gain in October, according to numbers released Friday by tracking group HFR, which gauges performance through its Fund Weighted Composite Index.

The bad news for the industry is that the returns badly trailed the broader stock market, where the gained about 8.3 percent for the month. But the good news is that the HFR index is now positive for the year, albeit barely by 0.03 percent.

By contrast, the S&P 500 is up about 1.7 percent now for the year, while the Dow Jones industrial average was up 0.25 percent as of Friday afternoon trading.