First, the bad news: Last week was the worst week for hedge funds since 2011.

Then the good: hedge funds dropped by less than half what the decline in the broader market was, largely because many hedge funds still haven't been fully shaken out of their shorts, despite 6 years of relentless central planning seeking to crush all bears

Specifically, as BofA reveals, the diversified hedge fund index was down 2.4% for the week ending Oct 15, while S&P500 was down 5.4% on a price returns basis. CTA advisors were at the top, up 0.85% while Event Driven funds were down 4.2%.

The full breakdown below:

The breakdown by strategy:

Here are the Top 20 best and worst performing hedge funds in 2014:

And finally, here is a performance summary of a selection of the most prominent hedge funds in the US, first sorted by October performance, worst to best:

And here is the same universe, but with a YTD performance sort:

Source: BofA, HSBC