Since hedge funds use so many strategies, I'm afraid it will be hard to find an "alternative" investment... Real estate is a different, non-financial asset class. Maybe there will be a financial vehicle (derivative) which price will change with the average home prices. Here's another good fund: http://iasg.pertrac2000.com/SnapshotPT.asp?ID=94 Last 60 Month annualized return 16.57% Max Drawdown only 1.25%