With the average hedge fund down in excess of 15% this year, investors could be forgiven for seeking alternatives to alternatives.

And so, according to the Wood Creek Index Co., they are. The New Haven, Conn.-based firm has unveiled its “Alternative Alternatives Investment Index,” which tracks the “rapidly growing alt-alt marketplace,” which includes such hot properties as weather derivatives, carbon credits and intellectual property, as well as some niche hard assets.

"The Alternative Alternatives(r) Investment Index is the first tool of its kind specifically designed to address the broad range of investments that are uncorrelated to typical debt and securities markets but that are based on direct investments in real assets generating real returns," said Brett Hellerman, CEO of Wood Creek Capital Management, the hedge fund shop that owns the Index Co. "We're in the early innings of the 'alt alt' marketplace and expect to see expanding opportunities in this innovative asset class, particularly at a time of uncertainty in global financial markets and disappointing performance of hedge fund and private equity managers."

Which is not to say that alt-alt index is knocking down doors in the early going: it is down 1.74% through September—not too bad, all things considered, but in the red all the same—shedding 0.39% in August and 1.36% in September.

Currently, Wood Creek is only calculating its alt-alt composite index. Next year, the firm plans to roll out five subindices: the Hard Asset Acquisition Index, Hard Asset Finance Index, Niche Asset Trading Index, Soft Asset Acquisition Index and Soft Asset Finance Index.