Absolute return funds and market neutral funds are supposed to offer predictable returns regardless of what the stock market is doing. As we look at the U.S. equity market's 40% decline this year, the idea of a vehicle that offers a steady return becomes all the more appealing.After such a massive drop for equities, it makes sense to revisit a couple of these funds I've written about before and see how they have fared and try to understand the hiccups along the way. The Rydex Managed Futures Fund ( RYMFX) is a rules-based product that goes long or short physical commodities such as energy (long or flat oil, never short), metals and agricultural commodities and also long or short financial futures like currencies and Treasuries. Long or short depends on the relative strength of each underlying commodity or financial product. RYMFX has done very well since its inception. In 2008 the fund is up a little more than 10%. Although that result is outstanding, the fund did drop about 10% in the summer. This occurred as oil started to roll over. The fund rebalances monthly so there was a lag from the time that oil began to correct and when the long position could be closed out.