While the main hedge fund indexes are lagging the S&P 500 or running roughly even with it, some hedge funds have managed to differentiate themselves. A true accomplishment in a highly correlated environment. Reuters reports that Dan Loeb, Ray Dalio and Michael Hintze each have a fund that is up more than 20 percent this year, trouncing stocks and their peers. Those gains do not take the 2 and 20 into account, to be sure.

Loeb's Third Point Offshore Fund registered a 21.4 percent through mid-October, Hintze's CQS Directional Opportunities Fund gained 22 percent, Dalio's Bridgewater Associates' flagship fund was up roughly 38 percent. All were said to be rather cautious about the economic recovery.

A few quant funds--like Man Group's AHL Diversified Fund and Renaissance Technologies' Institutional Futures Fund, or RIFF portfolio--have also fared well.

At the other end of the spectrum, a few funds that killed it in the credit crisis are now struggling in the post-crisis environment. John Paulson's flagship Advantage Fund was down 0.40 percent at the end of September, while Philip Falcone's Harbinger Capital Partners Offshore Fund was down 15.24 percent through mid-October, according to Reuters.

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