Leading quant hedge funds have suffered performance downturns in the coronavirus market turbulence, but discretionary macro funds are riding the wave of increased volatility.

Systematic funds and commodity trading advisers (CTAs), which trade futures and similar securities, suffered in the past week from fixed income volatility, according to people familiar with their performance. Hedge fund industry data from Morgan Stanley, seen by Financial News, show quant equity funds are on average down 1.5% in March and down 3.2% in the year to date.