The good folks at Premialab put together an intimidating but interesting white paper with a focus on liquid alternatives.
Trying to tackle the vast dispersion of performance during the 2020 market crisis, their process created a series of 9 clusters based on performance and factors to try and digest a universe of 269 liquid alternative funds.
I focused on cluster 8, which benefited from the market fall but also seemed to have a more defensive position overall. As the report says, "in a very volatile environment, cluster 8 has a very limited lower quartile and a significantly greater upper quartile; the upper quartile tapers off in 2021 as the market recovers."