(Faculty of Islamic Economics and Business, Universitas Islam Negeri Sumatera Utara, Medan, Indonesia)
(2) Laylan Syafina
(Faculty of Islamic Economics and Business, Universitas Islam Negeri Sumatera Utara, Medan, Indonesia)(3) Nursantri Yanti
(Faculty of Islamic Economics and Business, Universitas Islam Negeri Sumatera Utara, Medan, Indonesia)*Corresponding author
AbstractMaking sound investment decisions requires a comprehensive evaluation of the return, risk, and overall performance of available investment instruments. However, investors often encounter difficulties in selecting the most appropriate assets due to limited comparative evidence across different investment alternatives. This study aims to compare the investment performance of gold, stocks, and bonds by examining their returns, risk levels, and risk-adjusted performance. A quantitative comparative research design was employed using secondary monthly time-series data consisting of gold closing prices, the LQ45 stock index, and Indonesian 10-year government bonds over the 2018–2023 period. Comparative statistical analyses were conducted to examine differences in returns, risks, and investment performance, with the Sharpe ratio used as the primary measure of risk-adjusted performance. The findings reveal statistically significant differences in returns, risk levels, and Sharpe ratios among the three investment instruments (p < 0.05). These results indicate that gold, stocks, and bonds exhibit distinct investment characteristics, leading to different levels of performance and risk-adjusted returns. The study concludes that effective investment decisions should not rely solely on expected returns but should also incorporate risk and comprehensive performance measures. This research contributes to the investment literature by providing empirical evidence on the comparative performance of major investment instruments and offers practical insights for investors seeking to optimize portfolio allocation and make more informed investment decisions.
KeywordsInvestment Decision; Gold; Stocks; Bonds; Return; Risk; Sharpe Ratio
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DOIhttps://doi.org/10.33122/ejeset.v7i1.1342 |
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