Comparative Study of Risk and Return in Bitcoin, LQ45, and Jakarta Islamic Index Markets in Indonesia (2021-2024)
DOI:
https://doi.org/10.32332/ijie.v7i01.10394Keywords:
Bitcoin; Conventional Stock; Cryptocurrency; Jakarta Islamic Index, LQ45, Return; Risk; Syaria Stock.Abstract
Introduction: In digital era, investments are no longer in the form of physical instruments or those we can see; there are many non-physical investment instruments, such as Cryptocurrencies and stocks. However, before we jump directly into the world of investment, we need to analyze how an investment instrument can bring our money into profit and consider the risks of investment instruments to avoid losses. Objective: This study examines the risks and returns of three investment instruments: Bitcoin, LQ45, and the Jakarta Islamic Index. Method: This study used a Descriptive quantitative approach and comparative analysis. To obtain data, we used purposeful sampling, a non-probability sampling technique. Forty-eight samples were examined using historical monthly closing price data for Bitcoin, LQ45, and the Jakarta Islamic Index from 2021 to 2024. Results: Research findings show that Bitcoin investment has the highest level of risk compared to LQ45 and Jakarta Islamic Index investments, then LQ45 investment has a moderate risk level, and Jakarta Islamic Index investment has the lowest level of risk compared to Bitcoin and LQ45 investments. In further findings, it is known that Bitcoin investment has the highest level of return compared to LQ45 and Jakarta Islamic Index investments, then LQ45 investment has a moderate level of return, and Jakarta Islamic Index investment has the lowest level of return compared to Bitcoin and LQ45 investments. Implications: Thanks to this research, investors should be able to evaluate and assess the risk and return of investing in Bitcoin, LQ45 shares, and Jakarta Islamic Index Sharia shares. Additionally, prior investors can distinguish investment portfolios based on their investment instruments' risk and return requirements.
Downloads
References
Adiyono, M., Suryaputri, R. V., Efan, E., & Kumala, H. (2021). Analisis Alternatif Pilihan Investasi Pada Era Digitalisasi. Jurnal Akuntansi Trisakti, 8(2), 227-248. https://doi.org/10.25105/jat.v8i2.9678
Febriansyah, Y., & Saryadi, S. (2022).Analisis perbandingan kinerja cryptocurrency bitcoin, saham idx30 dan emas sebagai alternatif investasi portofolio tahun 2017- 2019. Jurnal Ilmu Administrasi Bisnis, 10(4), 1381-1389. https://doi.org/10.14710/jiab.2021.32732
Fitri, A., & Septiarini, D. F. (2018). Penentuan Investasi Berdasarkan Tingkat Risiko Pada Saham Syariah, Reksadana Syariah, Dan Emas Periode 2011-2015. Jurnal Ekonomi Syariah Teori dan Terapan, 5(6), 486-500. https://doi.org/10.20473/vol5iss20186pp4
Hasani, M. N., Ramadhan, M., Mariyani, K., Setiawan, R., & Sucidha, I. (2022), Analisis cryptocurrency sebagai alat alternatif dalam berinvestasi di indonesia pada mata uang digital bitcoin. Jurnal Ilmiah Ekonomi Bisnis, 8(2), 329-344. https://doi.org/10.35972/jieb.v8i2.762
Ilham, R. N., Sadalia, I., Irawati, N., & Sinta, I. (2022), Risiko and Keuntungan model of digital cryptocurrency asset investment in Indonesia. Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan, 16(1), 357-376. http://dx.doi.org/10.35931/aq.v16i1.854
Lestari, L., & Erdiana, A. (2021). Analisis Perbedaan Risiko dan Keuntungan antara Saham Syariah dan Konvensional di Bursa Efek Indonesia. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Kewirausahaan, 10(2), 227-241. https://doi.org/10.30588/jmp.v10i2.727
Erin, L., & Devi, Y. (2021). Perbandingan Keuntungan dan Risiko pada Saham Berbasis Syariah dan Konvensional yang Tercatat di Bursa Efek Indonesia. Al-Mashrof: Islamic Banking and Finance, 2(2), 105-121. http://doi.org/10.24042/almashrof.v2i2.10775
Nisa, A. M., & Hidayati, A. N. (2022), Pengaruh pengetahuan investasi, risiko investasi, kemajuan teknologi dan motivasi terhadap minat generasi Z berinvestasi di pasar modal syariah, Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 4(1), 28-35. https://doi.org/10.47065/ekuitas.v4i1.1676
Putri, M. E., & Hanif, H. (2024). The role of financial technology in promoting growth in Islamic finance in the digital era. Al fiddhoh: journal of banking, insurance, and finance, 5(1), 35-39.
Rakhimsyah, L. A., & Gunawan, B. (2011), Pengaruh keputusan investasi, keputusan pendanaan, kebijakan dividen dan tingkat suku bunga terhadap nilai perusahaan. Investasi, 7(1), 31-45. http://dx.doi.org/10.35931/aq.v16i1.854
Rosilawati, W. (2024). Pengaruh Literasi Keuangan, Risiko Investasi Terhadap Minat Berinvestasi Emas Dalam Perspektif Bisnis Syariah:(Studi Kasus Pada UMKM di Kota Bandar Lampung). Jurnal Az-Zayyan, 1(2), 68-85. https://doi.org/10.32939/fdh.v5i1.3500
Sari, M. S., Idris, A. S., Silvia, D., Suhendar, S., Salma, N., & Aryani, I. (2022). Pengaruh Profitabilitas dan Likuiditas terhadap Financial Distress dengan Struktur Modal sebagai Variabel Moderating pada Perusahaan Perdagangan Eceran yang Terdaftar Dibursa Efek Indonesia Periode 2016-2020. Jurnal Ilmiah Edunomika, 6(2), 464218. https://doi.org/10.29040/jie.v6i2.4924
Solatiyah, B., & Yakub, M. (2023), Komparasi Keuntungan dan Risiko Saham Syariah dan Konvensional di Bursa Efek Indonesia Periode 2020-2022. Jurnal Sains dan Teknologi, 5(2), 675-678. https://doi.org/10.55338/saintek.v5i2.2089
Susanto, I., Mukri, M., Bahrudin, M., & Hanif, H. (2022). Efektivitas dan Risiko Penggunaan M-Banking pada Bank Syariah Indonesia Terhadap Kepuasan Pelanggan. Jurnal Manajemen Bisnis dan Keuangan, 3(2), 161-170. https://doi.org/10.51805/jmbk.v3i2.73
Syamsiah, N. O. (2017), Kajian atas cryptocurrency sebagai alat pembayaran di Indonesia. Jurnal Jaringan dan Keamanan Indonesia, 6(1), 53-61. http://doi.org/10.55181/ijns.v6i1.1449
Tubety, A. (2021). Analisis Pengaruh Fund Longevity, Fund Size, Dan Family Size Terhadap Kinerja Reksadana Pada Reksadana Saham Di Indonesia Periode 2016-2019. Konsentrasi: Jurnal Manajemen dan Bisnis, 1(2), 75-87. https://doi.org/10.24905/konsentrasi.v1i2.11
Yafiz, M. (2008), Saham dan pasar modal syariah: Konsep, sejarah dan Perkembangannya. Jurnal Miqot, 32(2), 232-246.
Zuliansyah, A., Pratomo, D., & Supriyaningsih, O. (2022). The Role of Financial Technology (Fintech) in ZIS Management to Overcome Poverty. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(1), 203-224. https://doi.org/10.31538/iijse.v5i1.1794
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Arif Hidayat, Hanif, Heni Verawati

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.