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"Studi ini menganalisis performa reksa dana saham syariah dan konvensional di Indonesia selama periode 2018 hingga 2023, dengan penekanan pada risk-adjusted performance, abnormal return, serta volatility timing pada tiga fase pandemi COVID-19: sebelum COVID, selama COVID, dan setelah COVID. Melalui penerapan metrik seperti Adjusted Sharpe Ratio, Sortino Ratio, Jensen’s Alpha, dan Cumulative Abnormal Returns (CAR) yang berbasis GARCH, studi ini menganalisis perbedaan dalam kinerja reksa dana serta strategi pengelolaannya. Temuan penelitian mengindikasikan bahwa tidak terdapat perbedaan signifikan dalam risk adjusted performance reksa dana syariah dan konvensional pada fase pra- dan saat COVID. Namun, pada fase pasca-COVID, terdapat perbedaan signifikan, di mana reksa dana syariah menunjukkan keunggulan dalam pemilihan saham, sementara reksa dana konvensional memperoleh pengembalian berbasis risiko yang lebih tinggi secara keseluruhan. Reksa dana syariah memperlihatkan ketahanan serta volatility timing dengan lebih baik, berkat adanya batasan investasi yang berlandaskan prinsip syariah. Temuan ini menggarisbawahi kemampuan adaptasi dan keunggulan strategis reksa dana syariah dalam menghadapi dinamika pasar yang tidak stabil, sekaligus menekankan signifikansi diversifikasi bagi reksa dana konvensional. Studi ini menyumbangkan pemahaman yang mendalam mengenai dinamika kinerja reksa dana dalam berbagai kondisi ekonomi, serta memberikan wawasan yang signifikan bagi investor, manajer dana, dan pembuat kebijakan.

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This research investigates the performance of Islamic and conventional equity mutual funds in Indonesia from 2018 to 2023, with an emphasis on risk-adjusted performance, abnormal returns, and volatility timing capabilities throughout three distinct phases of the COVID-19 pandemic: pre-COVID, during COVID, and post-COVID. The study employs various metrics, including the Adjusted Sharpe Ratio, Sortino Ratio, Jensen’s Alpha, and GARCH-based Cumulative Abnormal Returns (CAR), to assess disparities in fund performance and the strategies employed by managers. The results reveal an absence of notable differences in risk-adjusted performance between Islamic and conventional funds during the pre-COVID and COVID periods. However, a marked divergence is observed in the post-COVID phase, where Islamic funds demonstrate superior stock selection, while conventional funds attain greater overall risk-adjusted returns. Islamic funds exhibited remarkable resilience and adeptness in timing volatility, influenced by the constraints of Sharia-compliant investments. The findings underscore the flexibility and strategic benefits of Islamic equity funds in volatile markets, while also accentuating the importance of diversification for traditional funds. This research enhances comprehension of the dynamics of fund performance across different economic conditions and offers significant insights for investors, fund managers, and policymakers. "