Analisis Komparatif Return dan Volatilitas antara Emas Fisik dan Saham Emiten Emas di BEI Periode 2020–2026

Irwin Ananta Vidada (Universitas Bina Sarana Informatika)
Saridawati Saridawati (Universitas Bina Sarana Informatika)
Raden Muhammad Tedy Aliudin (Universitas Bina Sarana Informatika)
Agung Suprianto (Universitas Bina Sarana Informatika)
Etika Sabariah (Universitas Bina Sarana Informatika)

Jurnal Social Society
Vol. 6 No. 4 (2026): Oktober - Desember 2026

Global economic uncertainty during 2020–2026 increased fluctuations in investment assets and strengthened the importance of selecting instruments with appropriate return and risk characteristics. This study aims to compare the investment performance of physical gold and gold-related stocks listed on the Indonesia Stock Exchange (IDX) based on return and cross-sectional performance characteristics. The study employed a quantitative descriptive-comparative design using secondary historical price data obtained from TradingView. The analysis covered five investment instruments, namely physical gold represented by XAU/IDR and four gold-related stocks: PT Aneka Tambang Tbk (ANTM), PT Bumi Resources Minerals Tbk (BRMS), PT Hartadinata Abadi Tbk (HRTA), and PT J Resources Asia Pasifik Tbk (PSAB), observed from January 2, 2020 to March 17, 2026. Data were analyzed using Holding Period Return (HPR), mean return, range, and cross-sectional standard deviation, followed by a historical investment simulation of IDR 100 million. The results show that physical gold generated an HPR of 299.64%, while the gold-stock group produced an average HPR of 724.53%. BRMS recorded the highest HPR at 1,411.11%, followed by HRTA at 1,040.91%, ANTM at 343.79%, and PSAB at 102.29%. The gold-stock group exhibited substantial cross-sectional dispersion, with a standard deviation of approximately 606.53% and a range of 1,308.82%, indicating considerable performance differences among issuers. These findings indicate that gold-related stocks offered higher average wealth-accumulation potential during the observation period, but their performance varied markedly across issuers. Physical gold, meanwhile, generated a positive cumulative return that was lower than the stock-group average but higher than PSAB. The results imply that investment decisions should consider both expected return and differences in performance across instruments, while stock selection remains particularly important when investing in gold-related equities.