The surge in the dollar, along with the weakening economic outlook in China and bumper crops, hit commodities, with a Bloomberg index diving 6.2 percent, its biggest drop since May 2012.

Macro funds rose 1.1 percent last month as the average hedge fund lost 0.2 percent and the Standard & Poor’s 500 Index dropped 1.6 percent. Some funds that bet on stocks and credit lost much more. Billionaire John Paulson’s Advantage Plus fund that wagers on corporate events tumbled 11 percent in the month.

In comparison, Jones’s Tudor BVI Global Fund gained 3.6 percent in September, to put the fund up 1.1 percent for the year through Oct. 3, according to an investor. Caxton, which was founded by Bruce Kovner in 1983 and is now run by Andrew Law, gained 3.5 percent in September. It’s down 3.6 percent for the year through Oct. 7, according to an investor.

Bigger Gains

Graham Capital Management LP’s discretionary macro fund is up 2.6 percent this year through Oct. 7, according to an investor, after gaining 9.6 percent in September. Alan Howard’s publicly traded BH Macro Fund climbed about 4 percent in the month, and is up 1.2 percent for the year through Oct. 3.

Louis Bacon’s Moore Global Investments fund gained less than 1 percent in September, and lost 4 percent in the first nine months of the year, according to an investor.

Spokesmen for the funds declined to comment on performance.

This month, the dollar has retreated, including a 2.3 percent drop against the yen. It gained against just four currencies in the G10: the Swedish krona, the Canadian dollar, the British pound and the Norwegian krone.

Still, investors including GAM’s Lawler, say the outlook for macro trades may finally be improving.

Caxton received a vote of confidence earlier this month when a fund run by Goldman Sachs Group Inc. that purchases minority stakes in hedge-fund firms bought a 9.9 percent piece of Caxton. Goldman’s Petershill II fund has the option to increase its interest in Caxton to as much as 19.99 percent over the next nine months, according to a letter the New York-based hedge-fund firm sent to investors.