Analisis Perbandingan Kinerja Reksa Dana Saham Syariah dan Reksa Dana Saham Konvensional Sebelum dan Selama Pandemi COVID-19

Abstract

Pandemi COVID-19 menyebabkan penurunan Nilai Aktiva Bersih (NAB) reksa dana saham sehingga berdampak pada kinerja reksa dana saham. Tujuan penelitian ini menganalisis perbandingan kinerja reksa dana saham syariah dan reksa dana saham konvensional serta mengetahui kinerja reksa dana saham yang lebih baik dibanding kinerja pasar (outperform) pada periode sebelum dan selama masa pandemi COVID-19. Metode yang digunakan yaitu Sharpe, Treynor dan Jensen. Hasil penelitian menunjukkan bahwa berdasarkan independent sample t test dan mann whitney-u test dengan metode Sharpe, Treynor dan Jensen, kinerja reksa dana saham syariah dan reksa dana saham konvensional dinyatakan tidak memiliki perbedaan yang signifikan pada kedua periode. Pada periode sebelum pandemi COVID-19, hanya metode Sharpe dan Jensen yang memiliki kinerja reksa dana saham konvensional maupun syariah yang berkinerja positif dan outperform. Sedangkan, pada periode selama pandemi COVID-19, ketiga metode Sharpe, Treynor dan Jensen memiliki kinerja reksa dana saham konvensional maupun syariah yang berkinerja positif dan outperform.

COVID-19 pandemic has caused Net Asset Value (NAV) of equity fund decrease that impacts equity fund performance. This study aims to analyze comparative in the performance of islamic equity funds and conventional equity funds and to find out which equity fund performance that better than market performance (outperform) before and during the COVID-19 pandemic. The methods used are Sharpe, Treynor and Jensen. The results of the study show that according the independent sample t-test and the Mann Whitney-u test using the Sharpe, Treynor and Jensen method, the performance of islamic equity funds and conventional equity funds is stated no significant differences in the two periods. Before the COVID-19 pandemic period, only Sharpe and Jensen method had positive and outperforming performance of conventional and islamic equity funds. Meanwhile, during the COVID-19 pandemic period, the three methods of Sharpe, Treynor and Jensen had positive and outperforming performance of conventional and islamic equity funds.