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Journal : Journal of Accountancy FE UBB

ANALISIS PERBANDINGAN RISIKO DAN TINGKAT PENGEMBALIAN REKSADANA SYARIAH DAN REKSADANA KONVENSIONAL Suhardi, -; Gani, Abdul
Journal of Accountancy FE UBB Vol 1, No 1 (2013): Vol.1, No. 1, Januari 2013
Publisher : Journal of Accountancy FE UBB

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Abstract

            This study aims to determine risk calculation and rate of return PNM Amanah Sharia and PNM Dana Sejahtera II, and to provide empirical evidences that there are between the performance of sharia mutual fund and sharia index (JII index), between the performance of conventional mutual fund and conventional index LQ45 index), and also between the performance of sharia mutual fund and conventional mutual fund. It applies descriptive method with comparative study, and uses statistical analysis such as independent sample t-test, paired sample t-rest, and simple regression analysis to rest the hypotheses. Data is in the form of net asset value per unit of participation (NAV/unit), Combined Stock Price Index (IHSG), Jakarta Islamic Index (JII), daily LQ45 Index ,the interest rate of Bank Indonesia Certificates (SBI), and Wadiah Certificate of Bank Indonesia (SWBI) or Certificate of Bank Indonesia sharia (SBIS).            The results of the first hypothesis shows that from 2008 to 2010 the average of return of sharia mutual fund and JII sharia index is identical or similar, but the average of risk of those variables is vice versa. Second hypothesis yields that from 2008 to 2010 the average of return of conventional mutual fund and conventional LQ45 index is identical or similar, but the average of risk of conventional mutual fund and conventional LQ45 index is vice versa. While, the third hypothesis results from 2008 to 2010 the average of return and risk of sharia mutual fund and conventional mutual fund is identical or similar except in 2010, the average of risk of the variables is not identical or similar. Based on Sharpe index figures, Treynor index, and Jensen Index, the third hypothesis indicates that the performance of sharia mutual fund is better than the performance of conventional mutual fund. Then, through Jensen model this hypothesis also yields the performance of sharia mutual fund is better than the market performance and the conventional mutual fund so that it can be concluded the higher the excess of market return, the higher the excess of return of mutual fund portfolio and vice versa, by assuming the other variables are constant. Key words   : sharia Mutual Fund, Conventional Mutual Fund, sharia Index (JII Index), Conventional Index (LQ45 Index). 
Co-Authors - Suhardi ., Akram A.A. Ketut Agung Cahyawan W Abdul Fattah Ade Irma Silviani Ade Kurniawan Adlim Adlim Adlim, Muhammad Adriany, Devita Tetra Afdianur, Riza Agus, Atma Agusri, Agusri Aji, Arif Pramana Ajmi Saputra Akmalia, Nur Al Amin, Saleh Al-Khatib, Ibadurrahman ali, wildayanti Ambo Tang Andi Iqbal Burhanuddin Andri Irawan Anugrah, Sendy Mohamad Arfida, Herni Ariani, Cut Desy Aswar Aswar Baharudin, Agus Bakri, Achmad Afif Basyiruddin, Burhan Bedriati Ibrahim Berliani, Ainun Betutu Senggagau, Betutu Bunari, Bunari Burhanudin Burhanudin Dadan Resmana Danty, Astri Rahma Darmanto, Lutfi Deriyani, Deriyani Dewi Iryani Dirayati Dirayati Ecsa Triyadi Ramadon Eka Rosyida Elviani, Yeni Erlidawati Erlidawati Erwin Wuniarto, Erwin Eva Nelli Fahururrozi, Fahururrozi Farrah Azzahra Yulfitriandi Faziah Putri Dwi Yunita Fhonna, Sarah Nadya firmansyah, Yoki Fitriani, Nadiya Fitriati Ganeswara, Raisa Gradios Nyoman Tio Gunawan, Doni Habibati Habibati Hadijah Hadijah Halili Halili Halisah, Halisah Hanafi Purba, Nasri Hapzi Ali Hartono, Rudi Herjayanto, Muh. Ibnu Khaldun Ibnu Khaldun Irwan Yon Hadi Ismail Ismail Israfiddin Israfiddin Iwan Gunawan Iwan Setiawan Julia Dewi Juliani Jumadi Jumadi Jumadi Junaidi Junaidi Kasmadi Kasmadi Khartiono, Lady Diana Kisman Kusmawanti, Putri La Ode Alirman Afu, La Ode Alirman Laia, Pikiran Lalu Rosmawan Larasati Br Tarigan, Dinda Leoni Elda Saputri Lilik Apriani M. Ammar Albarra M. Zen Abdullah Maaruf Fauzan Mansur Jauhari mariyati mariyati Marlina Marlina Masnur Ali Masykurni Masykurni Maulana Aziz Maulud Bauw Mela Andriani Hasibuan Minasari Nasution Mirda, Erisna Mochamad Irfan, Mochamad Mohammad Syakir, Mohammad Mubin, Shofwan Nurul Muh. Saleh Nurdin Muhammad Hafiz Muhammad Hasan Muhammad Muzakki Muhammad Nasir Muhammad Nasir Muhammad Nazar Muhammad Thohri, Muhammad Muin, Sri Adrianti Mujahid Mujahid, Mujahid Mujianto, Agus Mursal Mursal Murtiadi Awaluddin Mutalib, Yanti Muzakki, Muhammad Nabila, Faizah Muna Nabilah, Putri Nanda Fitria Nasrullah Natas, Ahmad Nazah, Khairatun Ndibale, Wa Nelly Shahromi Yanti Nilawati, Ratna Ningsi, Ayu Wirda Ningsi, Ayu Wirdah Ningsih, Ayu Wirda Nita Nurdiana Noor Dharyna Novalina Serdiati Novia Rizana Novitasari , Eka Fitri Nurfia Oktaviani Syamsiah Nurjirana, Nurjirana Nurohman, Tri Nurul Fajri Saminan Nurul Fajri Saminan, Nurul Fajri Nurwati Nurwati Pawaro, Moh. Fadlan Daeng Pranju Harlon Sinaga Pratama, Yogie Pujianto Purba, Kartika Purwoko, Agus Putri suci guntari Rahman, Gusti Rahman, Samsu Adi Rahmawati Rahmawati Rama, Bahaking Rasyid, Kemal Muhammad Rauda Homba Homba Rejeki Geubrina Putri Reskiansyah, Ade Restiana, Dinda Lisma Reza Aryani Reza, Aznil Azpa Ridhayani, Ridhayani Ridho Dwi Putra Rika Rafikah Agustin Rini Safitri Rizki, M. Rizki Rahman Roni Hermawan, Roni Rosdiana Rosdiana Ruba’yah Rusman Rusman Sabrina Hayatun Nufus Sahira, Wirda Saiful Saiful Salaeh, Subhan Saleh, Syamsuddhuha Saminan Saminan Samliok Ndobe Sangkia, Frederik Dony Sarah Nadiya Sari, Devi Elvina Sari, Richa Purmaya Sella Jofilla Sijal, Mutakallim Silaban, Giovani Siregar, Ahmad Fauzi Sirry Alvina Sri Andala Sri Maryanti Sri Sukari Agustina Sri Winarni Suhendrayatna Suhendrayatna Sukranudin Sukriadi, Erie Hidayat Sulastri Sulastri Sululing, Siswadi Suprayanti Martia Dewi Surya Hafnidar Suryawati, Ida Susilawati, Susilawati Sutisna, Nana SYAHRIAL SYAHRIAL Syahrun Nur Tang, Ambo Tijani Zata Izzati Auladifa Titi Sumanti Trisaputra, Muh. Ikbal Tuarita, Adam Tuhepaly, Putri Puspitasari valentina, Mariana febri Wati, Armida Wattimena, Ferry Yohannes Wirda Wirda wisto, Wisto Yeni Mustika Yenny Mariana Yuan Anisa Yuniar Andi Astuti Yusrizal Yusrizal Yusuf, Tiara Putri Zarwinda, Irma Zia Kemala Zulkarnain Jalil Zulkifli Zulkifli