Hedge fund performance is still lagging the market and winners are few and far between

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Aug. 23, 2021.
Michael Nagle | Bloomberg | Getty Images

The hedge-fund industry's underperformance has been well documented over the years, but its recent mediocrity is particularly disappointing given the comeback in volatility.