It is probably a silly question but please assume the following. I gather hedge funds returns and I want to do a regression against few dependent variables (FF factors, etc.). In essence, I get a panel data (multiple years and multiple hedge funds returns with multiple dependent variables. What I do is I merge those hedge funds returns based on some characteristic to get a simple column named "Hedge funds returns" for that characteristic (essentially an average hedge funds returns for that particular month with that particular characteristic). Something like:

Date        Commodity_HF_Returns SP500   SMB   HML ...
2018-08-31  -0.56                -3.35   0.85  -2.64
2018-09-30  -0.23                0.54   -1.34   2.33

I started with multiple hedge funds that invest in commodities but now it is an average. My question is: If I want to run OLS regression at this point, is it simple OLS or PooledOLS estimator that must be used?



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