Wall Street on edge as hedge funds track market swings

Hedge funds are moving almost in sync with the S&P 500, and that is rattling Wall Street. These funds were once seen as protection for pension funds, insurance companies, endowments and family offices. They were meant to give balance to the classic 60/40 mix of equities and bonds. Now they are showing what index provider PivotalPath calls “historically high” correlation to equities.