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All Journal Jurnal Point Equilibrium Manajemen dan Akuntansi
Halimahtus Sakdiah Dalimunthe
UIN Syekh Ali Hasan Ahmad Addary, Kota Padangsidimpuan
Economics, Econometrics & Finance

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Perbandingan Kinerja Saham, Obligasi, Reksadana Di Pasar Modal Syariah Indonesia: Comparison of Stock, Bond, and Mutual Fund Performance in the Indonesian Sharia Capital Market Halimahtus Sakdiah Dalimunthe; Rosmita Zaynarriyah; Budi Gautama Siregar
Jurnal Point Equilibrium Manajemen dan Akuntansi Vol. 7 No. 2 (2025): Jurnal Point Equilibrium Manajemen dan Akuntansi
Publisher : Universitas Sumatera Barat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59963/jpema.v7i2.497

Abstract

This study aims to compare the performance of four major investment instruments Islamic stocks, Islamic bonds (sukuk), Islamic mutual funds, and conventional bonds within Indonesia’s Islamic capital market. The research analyzes their risk–return characteristics, volatility, and responsiveness to macroeconomic indicators such as inflation, interest rates, and exchange rate movements during a specified observation period. Using quantitative methods, performance is evaluated through Sharpe ratio, Treynor ratio, and Jensen’s alpha to determine risk-adjusted returns. The findings indicate that Islamic stocks generay offer higher returns but also exhibit greater volatility compared to sukuk and Islamic mutual funds. Sukuk, in contrast, demonstrate more stable performance and lower risk, making them suitable for conservative investors. Islamic mutual funds show moderate performance, serving as a balanced option between risk and return. Overall, the results highlight the diversification benefits and growing role of Islamic financial instruments in supporting sustainable investment with in Indonesia’s Islamic capital market.
Co-Authors Budi Gautama Siregar Rosmita Zaynarriyah