The Dutch-based trend follower Transtrend offers insights into "benchmarks":

Benchmarks problem: "Hedge funds" are not an asset class because different hedge fund strategies are fundamentally different in their:

1. Source of return.
2. Shape of distribution of returns.
3. Correlation structure with traditional asset classes.

Also keep in mind:

1. Hedge fund styles can differ even more from each other than traditional asset classes can.
2. A benchmark is only meaningful if it acts as a proper description of an investment strategy (such as 'Equity long only' or 'TrendfollowingCTA's').
3. Benchmarking does not excuse the investor for not understanding the investment.

Source: Transtrend