Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal Jurnal Dinamika Manajemen
Vivi Indah Bintari
Siliwangi University
Decision Sciences, Operations Research & Management

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
DeFi as a Modern Investment Game Changer: A Comparative Analysis with Stocks and Gold Vivi Indah Bintari; Deasy Lestary Kusnandar; Risna Amalia Hamzah
Jurnal Dinamika Manajemen Vol. 17 No. 1 (2026): March
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v17i1.38440

Abstract

This study aims to compare the investment performance of Decentralized Finance (DeFi), equities (IHSG), and gold during the 2021–2024 period, which represents a full market cycle characterized by high volatility and economic uncertainty. The research objective is to evaluate differences in return, risk (volatility), risk adjusted performance, and inter asset correlations to assess portfolio diversification potential. A quantitative comparative approach is employed using monthly secondary data, analyzed through descriptive statistics, non-parametric difference tests, and correlation analysis. The findings indicate statistically significant differences among the three investment instruments. Gold demonstrates the highest risk efficiency and consistently performs as a safe haven asset. Equities show moderate stability but relatively lower risk adjusted performance. In contrast, DeFi records the highest average returns, accompanied by extreme volatility and low efficiency. Correlation results reveal a strong positive relationship between gold and equities, while DeFi exhibits significant negative correlations with both assets, indicating diversification potential despite elevated systemic risk. This study concludes that gold remains the most resilient investment asset, equities serve as a balanced growth instrument, and DeFi should be positioned as a high risk speculative asset rather than a core portfolio component.
Co-Authors Deasy Lestary Kusnandar Risna Amalia Hamzah