Even hedge fund royalty isn’t immune to weak performance.

Paul Tudor Jones’s $10 billion firm, Tudor Investment Corporation, is cutting fees to 1.75 percent of assets and 20 percent of gains, according to The Wall Street Journal. That is a bit less than the archetypal “2 and 20” — fees of 2 percent of assets under management and 20 percent of a fund’s annual gain — but it is still above the industry average.

The typical cut taken by hedge funds is slowly shrinking. Newer funds were charging 1.5 percent a year for management and taking about 19 percent in performance fees as of last September, according to Preqin, a research firm. For many investors, however, that remains far too big a payday in comparison with the scant returns they have received.

The average fund delivered a bit over 5 percent net of fees in 2016, according to Hedge Fund Research. That was an improvement over a loss of 1 percent in 2015 and a slim 3 percent gain in 2014. But it is uninspiring to pension funds, endowments and other investors. Though it is not a direct comparison, they know that a Vanguard fund tracking the Standard & Poor’s 500 Index returned 12 percent last year and an average of 9 percent over the last three years — net of fees of just 0.02 percent.

This is one reason the giant California public pension fund known as Calpers dumped its hedge fund portfolio. It is why some old-timers have closed shop, while others, including Brevan Howard, have cut fees drastically. And it is why Tudor already reduced fees and slashed its staff last year after investors took money out, unimpressed by several years of roughly flat returns, according to The Journal.