This article is very misleading and offers no real insight. HFRX are not the best indices and most in the hedge fund space should know this. Also, there is no backfill of HFR's indices. Backfill bias comes from databases, not indices. Additionally, risk and correlation mean something. If you want to present something, present investors' real experience in hedge funds and then look at the efficiency of their portfolios with, and then without the hedge allocation.