The region's long/short equity strategies had the highest market correlation, followed by event-driven and arbitrage, according to Eurkeahedge.
A trend of asset outflows is reversing in Asia, but hedge funds are expected to find capital-raising tough this year.
A more expensive and competitive operating environment means that even seasoned managers may face fund closure.
Helped by healthy returns on event-driven funds, Asian managers are outperforming their US and European counterparts.
More hedge funds are managing less than $20 million as the billion-dollar club shrinks, says data provider Eurekahedge.
New funds will face a challenging fundraising environment in Asia, as will the prime brokerages and administrators who serve them, Eurekahedge predicts.
August saw the sector record its worst monthly stats so far this year, further clouding a weak performance in 2011. But research house HFR sees some cause for optimism.
Fewer launches from Asia puts the region behind the global growth rate.
New launches fuel asset growth, but allocations fall below expectations, says Eurekahedge.
Strong returns and steady economic growth are proving a big draw for investors.