(Bloomberg) -- ETFs that attempt to replicate hedge fund strategies are losing assets as the tactics have underperformed benchmark equity and bond indexes.

Investors have pulled about $95 million, or 4.5% of assets, so far this year from U.S.-listed ETFs classified as "alternative," the biggest quarterly outflows since early 2014, according to data compiled by Bloomberg. The fund strategies include equity hedge, macro and managed futures. The median return of the 29 ETFs is 0.99% this year, compared to a 4.7% gain in the S&P 500 index and a 1.16% rise in the Bloomberg U.S. dollar investment grade corporate bond index.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.