Hedge funds don't get paid any incentive fees unless they hit a new high water mark, so it'll be interesting to see how the long-only funds do in the next few months and/or years if the highs are behind us.
Last I looked, S&P's hedge fund components show long-shorts in the red and global Ex-US long-shorts deeply in the red. As a group they are mostly net long, so it's no surprise they tracked the market. The other crowd deep in the red are managed futures, given the mad swings in copper, crude and oil. By extension, one would assume the global macro people aren't doing too well either on average. The arb and market neutral components seem to be doing okay though. Increase in vol is good for the convert arb community. Spreads have widened somewhat but I haven't heard any disaster stories.