1, the sharp ratio of hedge funds will be higher than that of one-way funds, because the risk reduced by hedge funds far exceeds the income reduced by hedging, and the two aspects are not reduced in equal proportion. For example, at present, Sunshine Private Equity Fund can achieve a sharp ratio of 0.7 a year, but some funds currently being issued can achieve a sharp ratio of 2 or even higher.

2. Take your example, the two schemes are only different in purchase time, but there is no difference in investment in fact, which is not the embodiment of the essence of hedge funds. Whether you say that A shares or B shares are rising in 5 yuan or falling in 3 yuan, it is uncertain. If you are sure you don't need to buy B shares, you can hedge because of the uncertainty. For example, the hedging effect should be as follows: 654.38+00000000 yuan to buy stock A, while shorting 654.38+0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 There's something wrong with this. If A shares are not in the top 300 in Shanghai and Shenzhen, then hedging will lose money. In order to solve this problem, on the one hand, we should choose a fund manager with strong stock selection ability, on the other hand, we should use multiple stocks and use stock portfolio to solve this problem. For example, Jiatai Emerging Absolute Income Fund operates in this way.

Hedge funds involve many problems. If you have any other questions, please ask.