(Fakulatas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sumatera Utara, Indonesia, Indonesia)
*Corresponding author
AbstractInvestors currently face significant difficulties in making optimal investment decisions that align with targeted profits due to limited information and challenges in analyzing performance, returns, and risks across different investment instruments. Existing studies tend to focus on single assets or partial indicators, resulting in a research gap concerning comprehensive comparative analysis of major investment instruments. This study aims to analyze and compare investment decisions based on the performance of gold, stocks, and bonds by examining differences in returns, risks, and overall investment performance. This research employs a quantitative comparative approach using secondary time-series data. The data consist of monthly gold closing prices, LQ45 stock index data, and Indonesian government bonds with a ten-year tenor from 2018 to 2023. Hypothesis testing was conducted to examine differences in return, risk, and performance measured using the Sharpe ratio. The results show that there are statistically significant differences in returns among gold, stocks, and bonds, as indicated by significance values below 0.05. Similarly, significant differences were found in risk levels and investment performance as measured by the Sharpe ratio across the three instruments. These findings indicate that each investment instrument exhibits distinct characteristics in terms of return, risk, and performance. In conclusion, investment decisions should be based on a comprehensive evaluation of performance indicators rather than relying on a single metric. This study contributes theoretically by enriching comparative investment literature and practically by providing investors with empirical insights to support more rational and informed investment decisions. Future research is recommended to incorporate additional instruments and longer observation periods. KeywordsInvestment Decisions, Gold, Stocks, Bonds
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DOIhttps://doi.org/10.33122/ejeset.v%25vi%25i.1342 |
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