The hedge fund format could be a bad indicator for gauging average investor performance. I think hedge fund managers are very limited and restricted with their trading. They must buy and sell assets at inopportune times to accommodate clients depositing and withdrawing funds. This is one reason their historical returns are typically less than 5% annually. Which is a very low return on investment (ROI). Hedge funds also tend to play it safe as they trade with large sums of other peoples money.

Day traders do better than hedge fund traders. Crypto traders do better. Everyone does better than hedge funds on average.