Sure but thats an apples-oranges comparison.

The goal of a hedge fund is definitionally to hedge some risk. If you work in say AI then they should invest very little of your funds into AI (to hedge against a blow-up in AI eliminating your income and if you invested in ai also your savings). In the current environment they’d almost certainly have below market returns. It doesn’t make the hedge fund bad; the hedge is meant to counteract losses not double down on gains.

Thats said, a lot of hedge funds now operate as pod shops and that goal is to beat the market.