David Einhorn continues to be confused by the stock market.

The hedgie’s Greenlight Capital is down 13.6 percent through the first quarter — after gaining a meager 1.6 percent in 2017.

It’s the sixth time in the fund’s 22-year history that it has experienced a quarterly loss greater than 5 percent — but the first time the hedgie is not sure why the roughly $7 billion fund is underperforming.

“In our history, we’ve had five other quarters with a greater than 5 percent loss,” Einhorn wrote in a letter to investors. “In four of those, there were clear world or market events that provided a simple explanation, and in one, a few positions in our portfolio went wrong at the same time.

“This period has not been like any of these,” he added.

Greenlight holds a mix of long and short stock positions. Unfortunately for Einhorn, there was an “asymmetry” in how first-quarter results were received by the market.

Long positions, such as GM and Mylan, that met or exceeded earnings expectations collectively fell 4 percent in the quarter, Einhorn noted.

Meanwhile, short positions that beat the market’s expectations soared 19 percent in the quarter — to the detriment of Greenlight, which was betting that their stock prices would fall.

Einhorn’s letter comes after earlier this year he lamented on a call with investors that in January Greenlight had its worst monthly performance relative to the S&P 500 in the fund’s history.