If you look at the spiva scorecard report 92% of hedge funds underperformed the sp500 - so the bet would essentially be a coin toss with 92/8 percent probability split
comparing HF alpha to SP500 beta is literally apples and oranges. but at this point ive lost most of the general public's attention.
your chart shows the market going up in 2020.
but look im not saying ALL or even MOST hedge funds reach their goal. usually the average hedge fund underperforms given its a ~zero sum game. just objecting to the popular way of comparing things. you dont judge a fish by its ability to climb trees.