Comparative Analysis of Investment Risk and Return in Crypto Currency, LQ-45 Index Shares, Exchange Rates and Gold during the Covid-19 Pandemic

  • Sakina Ichsani Widyatama University, Bandung, Indonesia
  • Neneng Susanti Widyatama University, Bandung, Indonesia
  • Tanti Irawati Mukhlis Widyatama University, Bandung, Indonesia
Keywords: Risk, Return, Investment.


The purpose of this study is to determine the return and risk conditions between investments in the form of crypto currency, LQ-45 Index shares, Exchange Rates and Gold. The research period was carried out during the Covid-19 pandemic, namely from March 2020 to June 2023. The results showed that investing with Crypto Currency provided the highest return as well as risk compared to other investments studied in this study. The research results also show that there are no differences between the four investments studied. The suggestion for this research is investors should be careful in choosing the type of investment because each investment has different risks and returns and to expand the variables and research period.


Ahmad, I., Noholo, S., & Mahmud, M. (2018). Pengaruh Rasio Keuangan terhadap Harga Saham pada Perusahaan Jasa yang Terdaftar dalam Indeks LQ45 di Bursa Efek Indonesia (BEI) Periode 2012-2016. Jurnal Wawasan dan Riset Akuntansi, 5(2), 127-138.

Bodie, Z., Kane, A., & Marcus, A. J. (2014). Investment 10th Edition. McGraw-Hill Education2 Penn Plaza, New York, NY.

Chania, M. F., Sara, O., & Sadalia, I. (2021). Analisis Risk dan Return Investasi pada Ethereum dan Saham LQ45. Studi Ilmu Manajemen dan Organisasi, 2(2), 139-150.

Cornell, B. (2021). ESG Preferences, Risk and Return. European Financial Management, 27(1), 12-19.

Curtin, J., McInerney, C., Gallachóir, B. Ó., Hickey, C., Deane, P., & Deeney, P. (2019). Quantifying Stranding Risk for Fossil Fuel Assets and Implications for Renewable Energy Investment: A Review of the Literature. Renewable and Sustainable Energy Reviews, 116, 109402.

Dewi, I. R. (2021). Meledak! Investor Kripto RI Capai 12.4 Juta, Kalahkan Saham. CNBC Indonesia.

Fahmi, I. (2015). Manajemen Investasi teori dan Soal Jawab. Salemba Empat.

Husnudita Hagiworo”Mengapa Emas Jadi Cara Berinvestasi Terbaik Saat Pandemi?”. 11 April 2022

Ichsani, S., & Pamungkas, A. (2022). Analisis Perbandingan Kinerja Aset Kripto, IHSG dan Emas sebagai Alternatif Investasi Periode 2017-2021. JIIP-Jurnal Ilmiah Ilmu Pendidikan, 5(6), 2025-2034.

Jackson, A., & Jackson, T. (2021). Modelling Energy Transition Risk: The Impact of Declining Energy Return on Investment (EROI). Ecological economics, 185, 107023.

Jones, C. P. (2016). Investments Analysis and Management. Wiley.

Kaiser, C., & Freybote, J. (2022). Is E-Commerce an Investment Risk Priced by Retail Real Estate Investors? An Investigation. Journal of Property Research, 39(3), 197-214.

Khoiriah, M., Amin, M., & Sari, A. F. K. (2020). Pengaruh Sebelum dan Saat Adanya Pandemi Covid-19 terhadap Saham LQ-45 di Bursa Efek Indonesia Tahun 2020. e_Jurnal Ilmiah Riset Akuntansi, 9(11).

Kong, D. R., & Lin, T. C. (2021). Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT). Available at SSRN 3914085.

Kristhy, M. E., Oktalita, S., Yonathan, S., Ba, T. S., & Hikmah, W. N. (2022). Keuntungan Investasi Emas Antam di Masa Pandemi COVID-19. Jurnal Komunitas Yustisia, 5(1), 388-399.

Li, Z. X., Liu, J. Y., Luo, D. K., & Wang, J. J. (2020). Study of Evaluation Method for the Overseas Oil and Gas Investment Based on Risk Compensation. Petroleum Science, 17, 858-871.

Made, I. L. (2020). Signifikansi Pengaruh Sentimen Pemberlakuan PSBB terhadap Aspek Ekonomi: Pengaruh pada Nilai Tukar Rupiah dan Stock Return (Studi Kasus Pandemi Covid-19). Jurnal Bina Akuntansi, 7(2), 223-239.

Maharani, A., & Saputra, F. (2021). Relationship of Investment Motivation, Investment Knowledge and Minimum Capital to Investment Interest. Journal of Law, Politic and Humanities, 2(1), 23-32.

Mahessara, R. D., & Kartawinata, B. R. (2018). Comparative Analysis of Cryptocurrency in Forms of Bitcoin, Stock, and Gold as Alternative Investment Portfolio in 2014 –2017. 38–51.

Nadeem, M., Suleman, T., & Ahmed, A. (2019). Women on Boards, Firm Risk and the Profitability Nexus: Does Gender Diversity Moderate the Risk and Return Relationship?. International Review of Economics & Finance, 64, 427-442.

Ni, J. (2021). Evaluation of Financial Investment Risk of Enterprises. In E3S Web of Conferences (Vol. 253, p. 03077). EDP Sciences.

Nugraha, N. M., & Susanti, N. (2019). Investment Decisions Using CAPM in the Coal Mining Sub-Sector Period 2012-2016. Global Business & Management Research, 11(1).

Prayudha, D. R., & Kuswanto, A. (2019). Factors that Influence Investors in Investing Stock with Investment Interest as Mediating Variable in Indonesian Capital Market. International Journal of Advance Study and Research Work, 2(4), 1-10.

Sagi, J. S. (2021). Asset-Level Risk and Return in Real Estate Investments. The Review of Financial Studies, 34(8), 3647-3694.

Tandelilin, E. (2010). Dasar-Dasar Manajemen Investasi. Manajemen Investasi, 34.

How to Cite
Ichsani, S., Susanti, N., & Mukhlis, T. I. (2023). Comparative Analysis of Investment Risk and Return in Crypto Currency, LQ-45 Index Shares, Exchange Rates and Gold during the Covid-19 Pandemic. International Journal of Science and Society, 5(3), 408-418.