Two hedge funds tell the up and down story of the industry in2017.

Equity fund Coatue Qualified Partners soared 24% on its techbets while the Caxton Global macro fund dropped 13.4%, according toan investor document and people familiar with the matter. Theequity and macro strategies served as bookends for the industry,which delivered a lukewarm overall performance for the year.

Hedge funds last year returned 6.5% on average on anasset-weighted basis, the best annual performance since 2013,according to a Hedge Fund Research report Monday. That good newshas been overshadowed by the broader stock market rally and floodof money into passive products by investors no longer willing topay high hedge fund fees.