The last few months have been a roller coaster for stock markets. While that was nerve-wracking for most market participants, it was welcome news for big funds designed to hedge against market turbulence. Data out this week from Hedge Fund Research show that last year, hedge fund performance on average dropped by less than the S&P 500. While the S&P 500 dropped 6 percent last year, some hedge funds crushed it. Bridgewater Associates, the world’s biggest hedge fund, saw 15 percent gains in its main Pure Alpha fund. Another hedge fund, D.E. Shaw, saw its composite fund jump 11.2 percent.