After suffering a miserable October, hedge funds crawled back to positive territory last month, gaining 0.07% on average, HedgeWorld.com reports.

"After the sharp sell-off in October, most markets not only recouped their losses but also reached all-time highs on the heels of supportive economic and corporate data," said Charles Davidson, senior hedge fund specialist at Standard & Poor's.

However, compared to the S&P 500's 3.52% gain in November, hedge funds didn't fare so well.

The best-performing hedge fund category last month was managed futures, which rose 4.19%, primarily on the strength of currency and metals bets. However, for the 11 months through Nov. 30, managed futures hedge funds are down 2.56%.

Another strong performer in the month was equity long/short hedge funds, which rose 2.48%. For the first 11 months of the year, this is the best-performing hedge fund category, delivering returns of 6.71%.

Other hedge fund categories that did well in November include those focused on mergers and acquisitions, which, according to the S&P Event-Driven Index, were up 0.45% in the month, and special situations funds, which rose 1% in the period.

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