Hedge funds came in flat in September with -0.02%, according to the Barclay Hedge Fund Index, versus a 0.57% increase in the S&P 500 Total Return Index.

Year to date, the Barclay Hedge Fund Index is up 1.25%, while the S&P has gained 10.57, said the monthly report by Industry tracker BarclayHedge.

"In spite of interest rates reaching multi-year highs, US equ