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All Journal Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan) Ekono Insentif Jurnal Soshum Insentif JEMPER (Jurnal Ekonomi Manajemen Perbankan) JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE) Jurnal Abdimas Sang Buana
Sukardi, Hadi Ahmad
Universitas Sangga Buana
Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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Cryptocurrencies vs Stocks: Analyzing Returns, Risks, and Performance to Determine the Best Investment Laksana, Reksha; Avianty, R. Rita; Nugraha, Erik; Sukardi, Hadi Ahmad
Journal of Business and Economics Research (JBE) Vol 7 No 1 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v7i1.9075

Abstract

This study compares the investment performance of selected cryptocurrencies and stocks over the period 2020–2024 by analyzing returns, risk and relative performance. A quantitative descriptive approach was employed with a saturated sample of 40 assets (cryptocurrencies and stocks) and 2,400 monthly closing-price observations. The analyzed metrics include monthly returns, volatility (as a proxy for risk) and the Sharpe ratio for risk‑adjusted performance. Results indicate that cryptocurrencies produced higher average returns but exhibited substantially greater volatility; DOGE shows the highest risk with a value of 14.02955. In a risk-adjusted comparison based on the Sharpe ratio, TRX achieves the highest Sharpe ratio with a value of 1.29783, followed by NVDA at 1.21917 and AVGO at 1.15028, suggesting that several assets delivered superior returns with relatively controlled risk. Yearly comparisons revealed shifting performance leaders, reflecting temporal market dynamics across the five‑year window. These findings imply that portfolio allocations should explicitly consider the trade‑off between higher returns from cryptocurrencies and their increased volatility, and should incorporate risk‑adjusted metrics such as the Sharpe ratio when selecting assets. This study can be used as a reference to improve investors' understanding of asset performance and the risks of cryptocurrencies and stocks, and can encourage further research on investment analysis and risk management across various asset classes.
Co-Authors Ade Sobandi, Ade Ae Suaesih Ahmad Zulfahmi Ubaidillah Anggi Andriyanti Putri Anita Syafariah Aryanti Ratnawati Avianty, R. Rita Bambang Rustandi Bambang Susanto Deden Rizal R Devi Intan Setyaningsih Didin Saepudin Erna Garnia Eva Rachmawati Fitria Lilyana Henda Hendawati Hendajany, Nenny Imas Purnamasari Ivan Somantri Jaenudin Jaenudin Maya Sari Nugraha Nugraha Nugraha, Erik Reksha Laksana Rusmin Nuryadin Setiawan, Audita Tiktik Sartika Wiwin Sukiati Wuri Handayani Yuli Nawangsasi