Which metric is NOT used to measure consistency in hedge funds?

The metric that is not used to measure consistency in hedge funds is the number of months with negative returns. Consistency in hedge fund performance typically focuses on positive outcomes rather than negative ones.

Measuring consistency often involves analyzing how frequently a fund delivers positive returns, especially during favorable market conditions, as well as assessing the overall average returns over time. The number of months of positive returns provides direct insight into a fund's ability to generate gains, while examining positive returns during up markets helps gauge how well a fund performs in relation to broader market trends.

Similarly, assessing average monthly returns in both up and down markets offers a more comprehensive view of performance consistency, giving insight into how returns compare across different market conditions. Therefore, the emphasis is more on positive performance indicators, which makes the count of months with negative returns less relevant when evaluating consistency in hedge fund performance.