The seven hedge fund benchmark indexes operated by alternative investment manager IndexIQ on average rose more than 3% in January, according to January 2012 performance data released by the firm.

The indexes, which have been in operation since March 30, 2007, serve as the basis for a number of investment products run by IndexIQ, including exchange-traded funds, mutual funds and institutional accounts. The portfolios are designed to compete in various hedge fund investing categories, including real return, long and short equity, event-driven and fixed-income arbitrage. Such products would include the IQ Alpha Hedge Strategy Fund, IQ Hedge Multi-Strategy Tracker ETF, IQ Hedge Macro Tracker ETF.

IndexIQ also operates a real estate portfolio, IQ US Real Estate Small Cap ETF, as well as various international products such as the IQ Global Resources ETF, IQ Global Agribusiness Small Cap ETF and the IQ Global Oil Small Cap ETF.

The firm's ETFs and mutual funds are distributed by ALPS Distributors.

The returns of the seven indexes for the period ended January 2012 are as follows:

Tommy Fernandez writes for Money Management Executive.