Electronic Resource

Performance Analysis of Islamic Equity Mutual Funds and Conventional Equity Mutual Funds During 2019-2023 Period

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"This study aims to analyze and compare the performance of Islamic equity mutual funds and
conventional equity mutual funds in Indonesia during the 2019–2023 period, particularly
throughout the pandemic and post-pandemic phases. The method employed is descriptive
quantitative with a comparative approach involving 18 Islamic and 56 conventional mutual funds
registered in Bareksa. Performance is assessed using three risk-adjusted return metrics: Sharpe
Ratio, Treynor Ratio, and Jensen’s Alpha, based on monthly NAV data and benchmarked against JCI
and ISSI. The findings reveal that, on average, both fund types showed negative performance under
Sharpe and Treynor, while Islamic funds outperformed in Jensen’s Alpha, indicating superior excess
returns beyond systematic risk expectations. T-test results indicate no significant differences between
the two fund types across all three performance indicators. These findings imply that Islamic equity
mutual funds can be a viable investment alternative, especially for investors seeking Sharia
compliant options.
Keywords: Sharpe, Treynor, Jensen, Investment Performance, Sharia Compliance."

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Detail Information

Series Title

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Call Number

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Publisher

Bogor : Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariahh., 2025

Collation

1580 – 1600

Language

English

ISBN/ISSN

NIM.2110101134

Classification

NONE

Content Type

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Media Type

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Carrier Type

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Edition

Vol 7 No 8 (2025)

Subject(s)

Treynor
Jensen
Sharia Compliance
Sharpe
Investment Performance

Specific Detail Info

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Statement of Responsibility

Naila Yumna Shafwah ; Wiku Suryomurti

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