Another index, another round of bad news for hedge funds. Hedge Fund Research’s indices fared no better than any other, with its equal-weighted HFRI Fund Weighted Composite Index returned just 1.2% in January, while the Standard & Poor’s 500 was up 1.51%. Among subindices, merger arbitrage led the way at 2.61%, while distressed securities and event-driven funds were up 1.85% and 1.56%, respectively. The HFRI Macro Index brought up the rear, returning just 0.61% on the month.

HFRI’s Fund of Fund Composite Index rose 1.26% in January. Its four subindices were all within two basis points of that return.