Hedge funds are back in the black after a strong May.

Hedge Fund Research’s HFRI Fund Weighted Composite Index added 2.11% last month and is now up 0.13% year-to-date. By contrast, the Standard & Poor’s 500 rose 1.3% in May, leaving it down 3.8% on the year.

Equity hedge strategies were the best performers on the month, rising 2.72%, though they remain down 1.13% on the year. Energy and basic materials funds soared 5.2% (up 3.08% YTD) and technology and healthcare funds added 3.98% (up 0.56% YTD). On the other hand, short bias funds were hurt by the market rally, falling 2.82% (up 1.9% YTD).

Emerging markets funds rose 1.62% in May, though last year’s strongest strategy remains down 3.41% on the year. Russia and Eastern Europe funds did best, rising 4.75% (down 1.27% YTD), followed by Latin America fund, which added 2.2% (up 3.28% YTD). Asia ex-Japan funds continued their rough year, falling 1.36% (down 9.69% YTD).

Event-driven funds rose 1.64% on the month (down 0.91% YTD), macro funds 1.57% (up 5.59% YTD) and relative value funds 1.54% (down 0.61% YTD).

Funds of hedge funds rose 1.76%, and are now down 1.57% on the year.