BAB 1

PENDAHULUAN

SAHAM

Saham adalah bukti kemilikan suatu individu/badan usaha pada sebuah perusahaan
terbuka yang sahamnya tercatat dan ditransaksinkan di bursa efek. Jika nasabah
membeli/memiliki saham dari suatu perusahaan, maka nasabah turut serta memiliki
perusahaan tersebut dan juga memiliki hak pada kekayaan maupun penghasilannya. Sebagai
pemilik, nasabah berhak mengikuti Rapat Umum Pemegang Saham (RUPS) dan memiliki
hak suara yang dapat turut menentukan kebijakan perusahaan serta menerima bagian dari
keuntungan yang dibagikan pada pemegang saham (deviden).

Jenis saham di Bursa Efek Indonesia dapat dikategorikan sesuai dengan kapitalisasi
pasar (besar nilai yang diperdagangkan), yaitu:

1.Saham Unggulan (Big Cap) Saham jenis ini mayoritas tercatat pada indeks LQ45. Selain
nilai kapitalisasinya yang besar, saham-saham ini juga tergolong saham perusahaan besar
dengan kinerja dan fundamental yang baik.

2.Saham Lapis Kedua (Medium Cap) Saham jenis ini setingkat dibawah blue chip.
Pergerakan harganya cenderung fluktuatid dan ada beberapa saham yang kurang likuid.
Namun, fundamental perusahaan cukup baik dan masih dalam tahap proses berkembang.

3.Saham Lapis Ketiga (Small Cap) Saham jenis ini memiliki kapitalisasi pasar yang kecil
dan sedikit orang yang memilikinya.
KEUNTUNGAN

Deviden

Pembagian keuntungan yang diberikan perusahaan dan berasal dari keuntungan yang
dihasilkan perusahaan. Deviden diberikan setelah mendapat persetujuan dari pemegang
saham dalam RUPS. Jika seorang investor ingin mendapatkan deviden, maka investor
tersebut harus memegang saham tersebut dalam periode dimana diakui sebaga pemegang
saham yang berhak mendapatkan deviden.

Capital Gain

Selisih antara harga beli dan harga jual dari saham yang dimiliki oleh investor. Capital
gain terbentuk dengan adanya aktivitas perdagangan saham di pasar sekunder. Misalnya
investor membeli saham ABC dengan harga per saham Rp. 3.000 kemudian menjualnya
dengan harga Rp. 3.500 per saham yang berarti investor tersebut mendapatkan capital gain
sebesar Rp. 500 untuk setiap saham yang dijualnya.

RESIKO

Capital Loss
Merupakan kebalikan dari capital gain,yaitu suatu kondisi dimana investor menjual
saham lebih rendah dari harga beli.

Resiko Likuidasi
Resiko yang dapat terjadi dikarenakan saham yang dimiliki tidak dapat dijual dengan
cepat atau pada harga yang diinginkan.

Delisting Dari Bursa

Penghapusan perusahaan di burasa maka perusahaan tersebut akan berubah status dari
perusahaan public menjadi perusahaan privat. Jika itu terjadi maka investor akan kesulitan
dalam melakukan transaksi jual beli atau keluar masuk dalam kepemilikan saham.

JENIS PASAR DI BURSA EFEK

BEI menggolongkan perdagangan saham dalam tiga pasar:

a. Pasar Reguler
b. Pasar Negosiasi
c. Pasar Tunai
Pasar Reguler

Saham-saham di Pasar Reguler diperdagangkan dalam satuan perdagangan “lot”, dan

berdasarkan mekanisme tawar menawar yang berlangsung secara terus menerus selama
periode perdagangan. Harga-harga yang terjadi di pasar ini akan digunakan sebagai dasar
perhitunganindeksdiBEI.

Pasar Negosiasi

Pasar Negosiasi dilaksanakan berdasarkan tawar menawar individual antara anggota

Bursa Beli dan anggota Bursa Jual dengan berpedoman pada kurs terakhir di Pasar Reguler.

Pasar Tunai

Pasar Tunai tersedia untuk menyelesaikan kegagalan anggota Bursa dalam memenuhi
kewajibannya di Pasar Reguler dan Pasar Negosiasi. Pasar Tunai dilaksanakan dengan prinsip
pembayaran dan penyerahan seketika (cash & carry).

PERBEDAAN PASAR REGULER, NEGOISASI, DAN TUNAI

 BAB II
RETURN MASING-MASING SEKURITAS
1. PT. BANK RAKYAT INDONESIA (PERSERO)
TBK. (BBRI.JK)

NO DATE OPEN CLOSE RA

1 01/03/2018 3.650 3.650 0,00%
2 02/03/2018 3.540 3.580 -1,10%
3 05/03/2018 3.530 3.530 0,00%
4 06/03/2018 3.470 3.480 -0,20%
5 07/03/2018 3.510 3.470 1,10%
6 08/03/2018 3.600 3.490 3%
7 09/03/2018 3.530 3.600 -1,90%
8 12/03/2018 3.500 3.600 -2,80%
9 13/03/2018 3.600 3.600 0,00%
10 14/03/2018 3.590 3.600 -0,20%
11 15/03/2018 3.640 3.550 2,40%
12 16/03/2018 3.660 3.600 1,60%
13 19/03/2018 3.580 3.600 -0,50%
14 20/03/2018 3.560 3.600 -1,10%
15 21/03/2018 3.800 3.670 3,40%
16 22/03/2018 3.750 3.810 -1,60%
17 23/03/2018 3.720 3.740 -0,53%
18 26/03/2018 3.690 3.690 0,00%
19 27/03/2018 3.640 3.680 -1,09%
20 28/03/2018 3.700 3.640 1,62%
21 29/03/2018 3.750 3.750 0,00%
22 30/03/2018 3.760 3.760 0,00%
23 02/04/2018 3.700 3.760 -1,62%
24 03/04/2018 3.720 3.690 0,80%
25 04/04/2018 3.730 3.770 -1,07%
26 05/04/2018 3.720 3.660 1,61%
27 06/04/2018 3.780 3730 1,32%
28 09/04/2018 3.800 3.770 0,78%
29 10/04/2018 3.790 3.790 0,00%
30 11/04/2018 3.800 3.790 0,26%
2. PT BANK MANDIRI (PERSERO) TBK. (BMRI.JK)

NO DATE OPEN CLOSE RB

1 01/03/2018 7.950 8.050 -1,26%
2 02/03/2018 7.550 7.875 -4,30%
3 05/03/2018 7.650 7.575 0,98%
4 06/03/2018 7.550 7.550 0,00%
5 07/03/2018 7.750 7.650 1,29%
6 08/03/2018 7.825 7.600 2,88%
7 09/03/2018 7.725 7.800 -0,97%
8 12/03/2018 7.575 7.825 -3,30%
9 13/03/2018 7.675 7.675 0,00%
10 14/03/2018 7.650 7.675 -0,33%
11 15/03/2018 7.950 7.800 1,89%
12 16/03/2018 8.125 8.000 1,54%
13 19/03/2018 7.850 8.075 -2,87%
14 20/03/2018 7.800 8.050 -3,21%
15 21/03/2018 8.250 8.000 3,03%
16 22/03/2018 8.200 8.200 0,00%
17 23/03/2018 7.950 8.100 -1,89%
18 26/03/2018 8.025 8.075 -0,62%
19 27/03/2018 7.900 7.925 -0,32%
20 28/03/2018 8.175 8.000 2,14%
21 29/03/2018 8.225 8.200 0,30%
22 30/03/2018 8.225 8.175 0,61%
23 02/04/2018 8.200 8.325 -1,52%
24 03/04/2018 8.050 8.100 -0,62%
25 04/04/2018 8.000 8.100 -1,25%
26 05/04/2018 8.025 7.925 1,25%
27 06/04/2018 8.275 8.050 2,72%
28 09/04/2018 8.375 8.225 1,79%
29 10/04/2018 8.325 8.475 -1,80%
30 11/04/2018 8.400 8.375 0,30%
3. PT BANK CENTRAL ASIA TBK. (BBCA.JK)

NO DATE OPEN CLOSE RC

1 01/03/2018 23.500 23.325 0,74%
2 02/03/2018 22.875 23.300 -1,86%
3 05/03/2018 22.850 22.775 0,33%
4 06/03/2018 23.125 22.725 1,73%
5 07/03/2018 23.500 23.050 1,91%
6 08/03/2018 23.500 23.300 0,85%
7 09/03/2018 23.375 23.400 -0,11%
8 12/03/2018 23.450 23.400 0,21%
9 13/03/2018 23.300 23.300 0,00%
10 14/03/2018 23.150 23.300 -0,65%
11 15/03/2018 23.450 23.325 0,53%
12 16/03/2018 23.650 23.450 0,85%
13 19/03/2018 23.400 23.275 0,53%
14 20/03/2018 23.000 23.800 -3,48%
15 21/03/2018 23.475 23.450 0,11%
16 22/03/2018 23.350 23.375 -0,11%
17 23/03/2018 23.275 23.275 0,00%
18 26/03/2018 23.300 23.350 -0,21%
19 27/03/2018 23.650 23.350 1,27%
20 28/03/2018 23.400 23.375 0,11%
21 29/03/2018 23.475 23.400 0,32%
22 30/03/2018 23.600 23.450 0,64%
23 02/04/2018 23.400 23.625 -0,96%
24 03/04/2018 23.300 23.300 0,00%
25 04/04/2018 23.000 23.300 -1,30%
26 05/04/2018 23.100 22.600 2,16%
27 06/04/2018 23.175 22.775 1,73%
28 09/04/2018 23.150 22.875 1,19%
29 10/04/2018 23.075 22.875 0,87%
30 11/04/2018 23.100 23.175 -0,32%
4. PT. BANK BUMI ARTA TBK.
(BNBA.JK)

NO DATE OPEN CLOSE RD

1 01/03/2018 258 262 -1,55%
2 02/03/2018 260 260 0,00%
3 05/03/2018 258 260 -0,78%
4 06/03/2018 262 260 0,76%
5 07/03/2018 264 262 0,76%
6 08/03/2018 266 258 3,01%
7 09/03/2018 262 262 0,00%
8 12/03/2018 260 262 -0,77%
9 13/03/2018 262 262 0,00%
10 14/03/2018 260 262 -0,77%
11 15/03/2018 258 256 0,78%
12 16/03/2018 254 262 -3,15%
13 19/03/2018 252 254 -0,79%
14 20/03/2018 254 256 -0,79%
15 21/03/2018 256 258 -0,78%
16 22/03/2018 262 258 1,53%
17 23/03/2018 260 264 -1,54%
18 26/03/2018 268 266 0,75%
19 27/03/2018 266 270 -1,50%
20 28/03/2018 270 266 1,48%
21 29/03/2018 266 270 -1,50%
22 30/03/2018 268 262 2,24%
23 02/04/2018 264 268 -1,52%
24 03/04/2018 266 264 0,75%
25 04/04/2018 272 270 0,74%
26 05/04/2018 272 270 0,74%
27 06/04/2018 270 272 -0,74%
28 09/04/2018 278 274 1,44%
29 10/04/2018 278 278 0,00%
30 11/04/2018 278 274 1,44%
5. P.T. Bank Ganesha Tbk (BGTG.JK)

NO DATE OPEN CLOSE RE

1 01/03/2018 112 111 0,89%
2 02/03/2018 112 112 0,00%
3 05/03/2018 111 112 -0,90%
4 06/03/2018 112 111 0,89%
5 07/03/2018 114 111 2,63%
6 08/03/2018 110 111 -0,91%
7 09/03/2018 111 109 1,80%
8 12/03/2018 109 110 -0,92%
9 13/03/2018 108 108 0,00%
10 14/03/2018 110 108 1,82%
11 15/03/2018 116 110 5,17%
12 16/03/2018 116 111 4,31%
13 19/03/2018 110 112 -1,82%
14 20/03/2018 108 111 -2,78%
15 21/03/2018 115 114 0,87%
16 22/03/2018 114 118 -3,51%
17 23/03/2018 105 110 -4,76%
18 26/03/2018 117 111 5,13%
19 27/03/2018 121 117 3,31%
20 28/03/2018 120 120 0,00%
21 29/03/2018 117 119 -1,71%
22 30/03/2018 121 117 3,31%
23 02/04/2018 127 121 4,72%
24 03/04/2018 122 126 -3,28%
25 04/04/2018 118 118 0,00%
26 05/04/2018 126 118 6,35%
27 06/04/2018 121 125 -3,31%
28 09/04/2018 131 125 4,58%
29 10/04/2018 137 131 4,38%
30 11/04/2018 147 137 6,80%
 BAB III
EKSPEKTASI RETURN, STANDAR DEVIASI, DAN KOEFISIEN
VARIASI

Dibawah ini diketahui data mengenai tingkat pengembalian atau imbal hasil (return) dari lima
jenis sekuritas, dan probabilitas kejadian sebagai berikut :
Tingkat Pengembalian
No Saham Saham Saham Saham Saham Probabilitas
A (𝑅𝐴 ) B (𝑅𝐵 ) C (𝑅𝐶 ) D (𝑅𝐷 ) E (𝑅𝐸 )
1 0,00% -1,26% 0,74% -1,55% 0,89% 0,04
2 -1,10% -4,30% -1,86% 0,00% 0,00% 0,01
3 0,00% 0,98% 0,33% -0,78% -0,90% 0,07
4 -0,20% 0,00% 1,73% 0,76% 0,89% 0,04
5 1,10% 1,29% 1,91% 0,76% 2,63% 0,01
6 3% 2,88% 0,85% 3,01% -0,91% 0,05
7 -1,90% -0,97% -0,11% 0,00% 1,80% 0,03
8 -2,80% -3,30% 0,21% -0,77% -0,92% 0,09
9 0,00% 0,00% 0,00% 0,00% 0,00% 0,02
10 -0,20% -0,33% -0,65% -0,77% 1,82% 0,04
11 2,40% 1,89% 0,53% 0,78% 5,17% 0,02
12 1,60% 1,54% 0,85% -3,15% 4,31% 0,03
13 -0,50% -2,87% 0,53% -0,79% -1,82% 0,05
14 -1,10% -3,21% -3,48% -0,79% -2,78% 0,01
15 3,40% 3,03% 0,11% -0,78% 0,87% 0,01
16 -1,60% 0,00% -0,11% 1,53% -3,51% 0,02
17 -0,53% -1,89% 0,00% -1,54% -4,76% 0,03
18 0,00% -0,62% -0,21% 0,75% 5,13% 0,04
19 -1,09% -0,32% 1,27% -1,50% 3,31% 0,04
20 1,62% 2,14% 0,11% 1,48% 0,00% 0,05
21 0,00% 0,30% 0,32% -1,50% -1,71% 0,02
22 0,00% 0,61% 0,64% 2,24% 3,31% 0,04
23 -1,62% -1,52% -0,96% -1,52% 4,72% 0,03
24 0,80% -0,62% 0,00% 0,75% -3,28% 0,02
25 -1,07% -1,25% -1,30% 0,74% 0,00% 0,05
26 1,61% 1,25% 2,16% 0,74% 6,35% 0,04
27 1,32% 2,72% 1,73% -0,74% -3,31% 0,06
28 0,78% 1,79% 1,19% 1,44% 4,58% 0,01
29 0,00% -1,80% 0,87% 0,00% 4,38% 0,02
30 0,26% 0,30% -0,32% 1,44% 6,80% 0,01
 1. Perhitungan Ekspektasi Return, Standar Deviasi, dan Koefisien Variasi (Saham A)

PERHITUNGAN STANDAR DEVIASI PT. BANK RAKYAT

INDONESIA (PERSERO) TBK.
𝑹𝑨 (𝐑 𝐀 - Pi (𝐑 𝐀 -
NO 𝐑𝐀 Pi 𝐏𝐢 𝐑 𝐀
− (∑𝐏𝐢𝑹𝑨 ∑Pi𝐑 𝐀 )² ∑Pi𝐑 𝐀 )²
1 0,00% 0,04 0,00% 0,07% 0,00% 0,00%
2 -1,10% 0,01 -0,01% -1,03% 1,06% 0,01%
3 0,00% 0,07 0,00% 0,07% 0,00% 0,00%
4 -0,20% 0,04 -0,01% -0,13% 1,06% 0,04%
5 1,10% 0,01 0,01% 1,17% 1,37% 0,01%
6 3,00% 0,05 0,15% 3,07% 9,42% 0,47%
7 -1,90% 0,03 -0,06% -1,83% 3,35% 0,10%
8 -2,80% 0,09 -0,25% -2,73% 7,45% 0,67%
9 0,00% 0,02 0,00% 0,07% 0,00% 0,00%
10 -0,20% 0,04 -0,01% -0,13 0,02% 0,00%
11 2,40% 0,02 0,05% 2,47% 6,10% 0,12%
12 1,00% 0,03 0,03% 1,07% 1,14% 0,03%
13 -0,50% 0,05 -0,03% -0,43% 0,18% 0,01%
14 -1,10% 0,01 -0,01% -1,03 1,06% 0,01%
15 3,40% 0,01 0,03% 3,47% 12,04% 0,12%
16 -1,60% 0,02 -0,03% -1,53% 2,34% 0,05%
17 -0,53% 0,03 -0,02% -0,46% 0,21% 0,01%
18 0,00% 0,04 0,00% 0,07% 0,00% 0,00%
19 -1,09% 0,04 -0,04% -1,02% 1,04% 0,04%
20 1,62% 0,05 0,08% 1,69% 2,86% 0,14%
21 0,00% 0,02 0,00% 0,07% 0,00% 0,00%
22 0,00% 0,04 0,00% 0,07% 0,00% 0,00%
23 -1,62% 0,03 -0,05% -1,55% 2,40% 0,07%
24 0,08% 0,02 0,00% 0,15% 0,02% 0,00%
25 -1,07% 0,05 -0,05% -1% 1,00% 0,05%
26 1,61% 0,04 0,06% 1,68% 2,82% 0,11%
27 1,32% 0,06 0,08% 1,39% 1,93% 0,12%
28 0,78% 0,01 0,01% 0,85% 0,72% 0,01%
29 0,00% 0,02 0,00% 0,07% 0,00% 0,00%
30 0,26% 0,01 0,00% 0,33% 0,11% 0,00%
E (𝐑 𝐀 ) = -0,07% Jumlah = 2,20%

Ekspektasi return saham A (Mean atau ERA ) = -0.07%

Standar deviasi (risiko) saham A (σA ) = 1.483239697
Koefisien variasi saham A ( CVA ) = σA / ERA = -21.18913853
 2. Perhitungan Ekspektasi Return, Standar Deviasi, dan Koefisien Variasi (Saham B)

PERHITUNGAN STANDAR DEVIASI PT. BANK MANDIRI

(PERSERO) TBK. (BMRI.JK)

𝐑𝐁 – (𝐑 𝐁 - Pi (𝐑 𝐁 -
NO 𝐑𝐁 Pi Pi 𝐑 𝐁
(∑Pi𝐑 𝐁 ) ∑Pi𝐑 𝐁 )² Pi𝐑 𝐁 )²
1 0,30% 0,04 0,01% 0,19% 0,04% 0,00%
2 -1,80% 0,01 -0,02% -1,91% 3,65% 0,04%
3 1,79% 0,07 0,13% 1,68% 2,82% 0,20%
4 2,72% 0,04 0,11% 2,61% 6,81% 0,27%
5 1,25% 0,01 0,01% 1,14% 1,30% 0,01%
6 -1,25% 0,05 -0,06% -1,36% 1,85% 0,09%
7 -0,62% 0,03 -0,02% -0,73% 0,53% 0,02%
8 -1,52% 0,09 -0,14% -1,63% 2,66% 0,24%
9 0,61% 0,02 0,01% 0,50% 0,25% 0,01%
10 0,30% 0,04 0,01% 0,19% 0,04% 0,00%
11 2,14% 0,02 0,04% 2,03% 4,12% 0,08%
12 -0,32% 0,03 -0,01% -0,43% 0,18% 0,01%
13 -0,62% 0,05 -0,03% -0,73% 0,53% 0,03%
14 -1,89% 0,01 -0,02% -2,00% 4,00% 0,04%
15 0,00% 0,01 0,00% -0,11% 0,01% 0,00%
16 3,03% 0,02 0,06% 2,92% 8,53% 0,17%
17 -3,21% 0,03 -0,10% -3,32% 11,02% 0,33%
18 -2,87% 0,04 -0,11% -2,98% 8,88% 0,36%
19 1,54% 0,04 0,06% 1,43% 2,04% 0,08%
20 1,89% 0,05 0,09% 1,78% 3,17% 0,16%
21 -0,33% 0,02 -0,01% -0,44% 0,19% 0,00%
22 0,00% 0,04 0,00% -0,11% 0,01% 0,00%
23 -0,30% 0,03 -0,01% -0,41% 0,17% 0,01%
24 -0,97% 0,02 -0,02% -1,08% 1,17% 0,02%
25 2,88% 0,05 0,14% 2,77% 7,67% 0,38%
26 1,29% 0,04 0,05% 1,18% 1,39% 0,06%
27 0,00% 0,06 0,00% -0,11% 0,01% 0,00%
28 0,98% 0,01 0,01% 0,87% 0,76% 0,01%
29 -4,30% 0,02 -0,09% -4,41% 19,45% 0,39%
30 -1,26% 0,01 -0,01% -1,37% 1,88% 0,02%
E (R B ) = 0,11% Jumlah = 3,01%
Ekspektasi return saham B (Mean atau ERB ) = 0.11%
Standar deviasi (risiko) saham B (σB ) = 1.734935157
Koefisien variasi saham B ( CVB ) = σB / ERB ) =
15.77213779
 3. Perhitungan Ekspektasi Return, Standar Deviasi, dan Koefisien Variasi (Saham C)

PERHITUNGAN STANDAR DEVIASI PT. BANK CENTRAL ASIA TBK.

(BBCA.JK)

𝐑𝐂 - (𝐑 𝐂 - Pi (𝐑 𝐂 -
NO 𝐑𝐂 Pi Pi 𝐑 𝐂
∑PiRC ∑Pi𝐑 𝐂 )² Pi𝐑 𝐂 )²
1 -0,32% 0,04 -0,01% -0,56% 0,31% 0,01%
2 0,87% 0,01 0,01% 0,63% 0,40% 0,00%
3 1,19% 0,07 0,08% 0,95% 0,90% 0,06%
4 1,73% 0,04 0,07% 1,49% 2,22% 0,09%
5 2,16% 0,01 0,02% 1,92% 3,69% 0,04%
6 -1,30% 0,05 -0,07% -1,54% 2,37% 0,12%
7 0,00% 0,03 0,00% -0,24% 0,06% 0,00%
8 -0,96% 0,09 -0,09% -1,20% 1,44% 0,13%
9 0,64% 0,02 0,01% 0,40% 0,16% 0,00%
10 0,32% 0,04 0,01% 0,08% 0,01% 0,00%
11 0,11% 0,02 0,00% -0,13% 0,02% 0,00%
12 1,27% 0,03 0,04% 1,03% 1,06% 0,03%
13 -0,21% 0,05 -0,01% -0,45% 0,20% 0,01%
14 0,00% 0,01 0,00% -0,24% 0,06% 0,00%
15 -0,11% 0,01 0,00% -0,35% 0,12% 0,00%
16 0,11% 0,02 0,00% -0,13% 0,02% 0,00%
17 -3,48% 0,03 -0,10% -3,72% 13,8384 41,52%
18 0,53% 0,04 0,02% 0,29% 0,08% 0,00%
19 0,85% 0,04 0,03% 0,61% 0,37% 0,01%
20 0,53% 0,05 0,03% 0,29% 0,0841 0,42%
21 -0,65% 0,02 -0,01% -0,89% 0,7921 1,58%
22 0,00% 0,04 0,00% -0,24% 0,06% 0,00%
23 0,21% 0,03 0,01% -0,03% 0,00% 0,00%
24 -0,11% 0,02 0,00% -0,35% 0,12% 0,00%
25 0,85% 0,05 0,04% 0,61% 0,37% 0,02%
26 1,91% 0,04 0,08% 1,67% 2,79% 0,11%
27 1,73% 0,06 0,10% 1,49% 2,2201 13,32%
28 0,33% 0,01 0,00% 0,09% 0,01% 0,00%
29 -1,86% 0,02 -0,04% -2,10% 4,41% 0,09%
30 0,74% 0,01 0,01% 0,50% 0,25% 0,00%
E (Rc) = 0,24% Jumlah = 57,59%
Ekspektasi return saham C (Mean atau 𝐄𝐑𝐂 ) = 0.24%

Standar deviasi (risiko) saham C (σC ) = 7.588807548

Koefisien variasi saham ( CVC ) = σC / ERC ) = 31.62003145

4. Perhitungan Ekspektasi Return, Standar Deviasi, dan Koefisien Variasi (Saham D)

PERHITUNGAN STANDAR DEVIASI PT. BANK BUMI ARTA TBK.

(BNBA.JK)

𝐑𝐃 - (𝐑 𝐃 - Pi (𝐑 𝐃 -
NO 𝐑𝐃 Pi Pi 𝐑 𝐃
∑Pi𝐑 𝐃 ∑Pi𝐑 𝐃 )² Pi𝐑 𝐃 )²
1 1,44% 0,04 0,06% 1,35% 1,82% 0,07%
2 0,00% 0,01 0,00% -0,09% 0,01% 0,00%
3 1,44% 0,07 0,10% 1,35% 1,82% 0,13%
4 -0,74% 0,04 -0,03% -0,83% 0,69% 0,03%
5 0,74% 0,01 0,01% 0,65% 0,42% 0,00%
6 0,74% 0,05 0,04% 0,65% 0,42% 0,02%
7 0,75% 0,03 0,02% 0,66% 0,44% 0,01%
8 -1,52% 0,09 -0,14% -1,61% 2,59% 0,23%
9 2,24% 0,02 0,04% 2,15% 4,62% 0,09%
10 -1,50% 0,04 -0,06% -1,59% 2,53% 0,10%
11 1,48% 0,02 0,03% 1,39% 1,93% 0,04%
12 -1,50% 0,03 -0,05% -1,59% 2,53% 0,08%
13 0,75% 0,05 0,04% 0,66% 0,44% 0,02%
14 -1,54% 0,01 -0,02% -1,63% 2,66% 0,03%
15 1,53% 0,01 0,02% 1,44% 2,07% 0,02%
16 -0,78% 0,02 -0,02% -0,87% 0,76% 0,02%
17 -0,79% 0,03 -0,02% -0,88% 0,77% 0,02%
18 -0,79% 0,04 -0,03% -0,88% 0,77% 0,03%
19 -3,15% 0,04 -0,13% -3,24% 10,50% 0,42%
20 0,78% 0,05 0,04% 0,69% 0,48% 0,02%
21 -0,77% 0,02 -0,02% -0,86% 0,74% 0,01%
22 0,005 0,04 0,02% 0,41% 0,17% 0,01%
23 -0,77% 0,03 -0,02% -0,86% 0,74% 0,02%
24 0,00% 0,02 0,00% -0,09% 0,01% 0,00%
25 3,01% 0,05 0,15% 2,92% 8,53% 0,43%
26 0,76% 0,04 0,03% 0,67% 0,45% 0,02%
27 0,76% 0,06 0,05% 0,67% 0,45% 0,03%
28 -0,78% 0,01 -0,01% -0,87% 0,76% 0,01%
29 0,00% 0,02 0,00% -0,09% 0,01% 0,00%
30 -1,55% 0,01 -0,02% -1,64% 2,69% 0,03%
E (R D ) = 0,09% Jumlah = 1,94%
Ekspektasi return saham D (Mean atau ERD ) = 0.09%
Standar deviasi (risiko) saham D (σD ) = 1.392838828
Koefisien variasi saham ( CVD ) = σD / ERD ) = 15.47598697
 5. Perhitungan Ekspektasi Return, Standar Deviasi, dan Koefisien Variasi (Saham E)

PERHITUNGAN STANDAR DEVIASI P.T. Bank Ganesha Tbk

(BGTG.JK)
𝐑𝐄 - (𝐑 𝐄 - Pi (𝐑 𝐄 -
No 𝐑𝐄 Pi Pi 𝐑 𝐄
∑Pi𝐑 𝐄 ∑Pi𝐑 𝐄 )² Pi𝐑 𝐄 )²
1 6.80% 0.04 0.27% 5.19% 0.27% 0.01%
2 4.38% 0.01 0.04% 4.38% 0.19% 0.00%
3 4.58% 0.07 0.32% 4.58% 0.21% 0.01%
4 -3.31% 0.04 -0.13% -3.31% 0.11% 0.00%
5 6.35% 0.01 0.06% 6.35% 0.40% 0.00%
6 0.00% 0.05 0.00% 0.00% 0.00% 0.00%
7 -3.28% 0.03 -0.10% -3.28% 0.11% 0.00%
8 4.72% 0.09 0.43% 4.72% 0.22% 0.02%
9 3.31% 0.02 0.07% 3.31% 0.11% 0.00%
10 -1.71% 0.04 -0.07% -1.71% 0.03% 0.00%
11 0.00% 0.02 0.00% 0.00% 0.00% 0.00%
12 3.31% 0.03 0.10% 3.31% 0.11% 0.00%
13 5.13% 0.05 0.26% 5.13% 0.26% 0.01%
14 -4.76% 0.01 -0.05% -4.76% 0.23% 0.00%
15 -3.51% 0.01 -0.04% -3.51% 0.12% 0.00%
16 0.87% 0.02 0.02% 0.87% 0.01% 0.00%
17 -2.78% 0.03 -0.08% -2.78% 0.08% 0.00%
18 -1.82% 0.04 -0.07% -1.82% 0.03% 0.00%
19 4.31% 0.04 0.17% 4.31% 0.19% 0.01%
20 5.17% 0.05 0.26% 5.17% 0.27% 0.01%
21 1.82% 0.02 0.04% 1.82% 0.03% 0.00%
22 0.00% 0.04 0.00% 0.00% 0.00% 0.00%
23 -0.92% 0.03 -0.03% -0.92% 0.01% 0.00%
24 1.80% 0.02 0.04% 1.80% 0.03% 0.00%
25 -0.91% 0.05 -0.05% -0.91% 0.01% 0.00%
26 2.63% 0.04 0.11% 2.63% 0.07% 0.00%
27 0.89% 0.06 0.05% 0.89% 0.01% 0.00%
28 -0.90% 0.01 -0.01% -0.90% 0.01% 0.00%
29 0.00% 0.02 0.00% 0.00% 0.00% 0.00%
30 0.89% 0.01 0.01% 0.89% 0.01% 0.00%
E (R E ) = 1.62% Jumlah = 0.11%

Ekspektasi return saham E (Mean atau ERE ) = 1.62%

Standar deviasi (risiko) saham E (σE ) = 0.331662479
Koefisien variasi saham ( CVE ) = σE / ERE ) = 0.2047299253
 BAB IV
KOVARIAN SAHAM

1. Kovarian Saham AA
( 0.00% - ( -0.07%) ) ( 0.00% - ( -0.07%) ) x 0.04 =
( -1.10% - ( -0.07%) ) ( -1.10% - ( -0.07%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( -0.07%) ) x 0.07 =
( -0.20% - ( -0.07%) ) ( -0.20% - ( -0.07%) ) x 0.04 =
( 1.10% - ( -0.07%) ) ( 1.10% - ( -0.07%) ) x 0.01 =
( 3.00% - ( -0.07%) ) ( 3.00% - ( -0.07%) ) x 0.05 =
( -1.90% - ( -0.07%) ) ( -1.90% - ( -0.07%) ) x 0.03 =
( -2.80% - ( -0.07%) ) ( -2.80% - ( -0.07%) ) x 0.09 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( -0.07%) ) x 0.02 =
( -0.20% - ( -0.07%) ) ( -0.20% - ( -0.07%) ) x 0.04 =
( 2.40% - ( -0.07%) ) ( 2.40% - ( -0.07%) ) x 0.02 =
( 1.00% - ( -0.07%) ) ( 1.00% - ( -0.07%) ) x 0.03 =
( -0.50% - ( -0.07%) ) ( -0.50% - ( -0.07%) ) x 0.05 =
( -1.10% - ( -0.07%) ) ( -1.10% - ( -0.07%) ) x 0.01 =
( 3,40% - ( -0.07%) ) ( 3,40% - ( -0.07%) ) x 0.01 =
( -1.60% - ( -0.07%) ) ( -1.60% - ( -0.07%) ) x 0.02 =
( -0.53% - ( -0.07%) ) ( -0.53% - ( -0.07%) ) x 0.03 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( -0.07%) ) x 0.04 =
( -1.09% - ( -0.07%) ) ( -1.09% - ( -0.07%) ) x 0.04 =
( 1.62% - ( -0.07%) ) ( 1.62% - ( -0.07%) ) x 0.05 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( -0.07%) ) x 0.02 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( -0.07%) ) x 0.04 =
( -1.62% - ( -0.07%) ) ( -1.62% - ( -0.07%) ) x 0.03 =
( 0.08% - ( -0.07%) ) ( 0.08% - ( -0.07%) ) x 0.02 =
( -1.07% - ( -0.07%) ) ( -1.07% - ( -0.07%) ) x 0.05 =
( 1.61% - ( -0.07%) ) ( 1.61% - ( -0.07%) ) x 0.04 =
( 1.32% - ( -0.07%) ) ( 1.32% - ( -0.07%) ) x 0.06 =
( 0.78% - ( -0.07%) ) ( 0.78% - ( -0.07%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( -0.07%) ) x 0.02 =
( 0.26% - ( -0.07%) ) ( 0.26% - ( -0.07%) ) x 0.0
 = 0.000196% + 0.010609% + 0.000343% + 0.000676% + 0.013689% + 0.471245%
+ 0.100467% + 0.670761% + 0.000098% + 0.000676% + 0.122018% + 0.034347%
+ 0.009245% + 0.010609% + 0.120409% + 0.046818% + 0.006348% + 0.000098%
+ 0.0001965 + 0.072075% + 0.00045% + 0.05% + 0.112896% + 0.115926% +
0.007225% + 0.000098% + 0.001089% = 2,255564%

2. Kovarian Saham AB
( 0.00% - ( -0.07%) ) ( 0.30% - ( 0.11%) ) x 0.04 =
( -1.10% - ( -0.07%) ) ( -1.80% - ( 0.11%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 1.79% - ( 0.11%) ) x 0.07 =
( -0.20% - ( -0.07%) ) ( 2.72% - ( 0.11%) ) x 0.04 =
( 1.10% - ( -0.07%) ) ( 1.25% - ( 0.11%) ) x 0.01 =
( 3.00% - ( -0.07%) ) ( -1.25% - ( 0.11%) ) x 0.05 =
( -1.90% - ( -0.07%) ) ( -0.62% - ( 0.11%) ) x 0.03 =
( -2.80% - ( -0.07%) ) ( -1.52% - ( 0.11%) ) x 0.09 =
( 0.00% - ( -0.07%) ) ( 0.61% - ( 0.11%) ) x 0.02 =
( -0.20% - ( -0.07%) ) ( 0.30% - ( 0.11%) ) x 0.04 =
( 2.40% - ( -0.07%) ) ( 2.14% - ( 0.11%) ) x 0.02 =
( 1.00% - ( -0.07%) ) ( -0.32% - ( 0.11%) ) x 0.03 =
( -0.50% - ( -0.07%) ) ( -0.62% - ( 0.11%) ) x 0.05 =
( -1.10% - ( -0.07%) ) ( -1.89% - ( 0.11%) ) x 0.01 =
( 3.40% - ( -0.07%) ) ( 0.00% - ( 0.11%) ) x 0.01 =
( -1.60% - ( -0.07%) ) ( 3.03% - ( 0.11%) ) x 0.02 =
( -0.53% - ( -0.07%) ) ( -3.21% - ( 0.11%) ) x 0.03 =
( 0.00% - ( -0.07%) ) ( -2.87% - ( 0.11%) ) x 0.04 =
( -1.09% - ( -0.07%) ) ( 1.54% - ( 0.11%) ) x 0.04 =
( 1.62% - ( -0.07%) ) ( 1.89% - ( 0.11%) ) x 0.05 =
( 0.00% - ( -0.07%) ) ( -0.33% - ( 0.11%) ) x 0.02 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( 0.11%) ) x 0.04 =
( -1.62% - ( -0.07%) ) ( -3.30% - ( 0.11%) ) x 0.03 =
( 0.08 % - ( -0.07%) ) ( -0.97% - ( 0.11%) ) x 0.02 =
( -1.07% - ( -0.07%) ) ( 2.88% - ( 0.11%) ) x 0.05 =
( 1.61% - ( -0.07%) ) ( 1.29% - ( 0.11%) ) x 0.04 =
 ( 1.32% - ( -0.07%) ) ( 0.00% - ( 0.11%) ) x 0.06 =
( 0.78% - ( -0.07%) ) ( 0.98% - ( 0.11%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( -4.30% - ( 0.11%) ) x 0.02 =
( 0.26% - ( -0.07%) ) ( -1.26% - ( 0.11%) ) x 0.01

= 0.000532% + 0.019673% + 0.007791% + 0.1044% + 0.013338% + (-0.20876%) +

0.040077% + 0.400491% + 0.0007% + (-0.000988%) + 0.100282% + (-0.013803%)
+ 0.015695% + 0.0206% + (-0.003817%) + (-0.089352%) + 0.045816% +
0.008344% + (-0.058344%) + 0.15041% + 0.000616% + (-0.00308%) + 0.158565%
+ (-0.00324%) + (-0.1385%) + 0.079296% + (-0.009174) + 0.0012876% + (-
0.006174%) (-0.004521%) = 0.6281606%

3. Kovarian Saham AC
( 0.00% - ( -0.07%) ) ( -0.32% - ( 0.24%) ) x 0.04 =
( -1.10% - ( -0.07%) ) ( 0.87% - ( 0.24%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 1.19% - ( 0.24%) ) x 0.07 =
( -0.20% - ( -0.07%) ) ( 1.73% - ( 0.24%) ) x 0.04 =
( 1.10% - ( -0.07%) ) ( 2.16% - ( 0.24%) ) x 0.01 =
( 3.00% - ( -0.07%) ) ( -1.30% - ( 0.24%) ) x 0.05 =
( -1.90% - ( -0.07%) ) ( 0.00% - ( 0.24%) ) x 0.03 =
( -2.80% - ( -0.07%) ) ( -0.96% - ( 0.24%) ) x 0.09 =
( 0.00% - ( -0.07%) ) ( 0.64% - ( 0.24%) ) x 0.02 =
( -0.20% - ( -0.07%) ) ( 0.32% - ( 0.24%) ) x 0.04 =
( 2.40% - ( -0.07%) ) ( 0.11% - ( 0.24%) ) x 0.02 =
( 1.00% - ( -0.07%) ) ( 1.27% - ( 0.24%) ) x 0.03 =
( -0.50% - ( -0.07%) ) ( -0.21% - ( 0.24%) ) x 0.05 =
( -1.10% - ( -0.07%) ) ( 0.00% - ( 0.24%) ) x 0.01 =
( 3.40% - ( -0.07%) ) ( -0.11% - ( 0.24%) ) x 0.01 =
( -1.60% - ( -0.07%) ) ( 0.11% - ( 0.24%) ) x 0.02 =
( -0.53% - ( -0.07%) ) ( -3.48% - ( 0.24%) ) x 0.03 =
( 0.00% - ( -0.07%) ) ( 0.53% - ( 0.24%) ) x 0.04 =
( -1.09% - ( -0.07%) ) ( 0.85% - ( 0.24%) ) x 0.04 =
( 1.62% - ( -0.07%) ) ( 0.53% - ( 0.24%) ) x 0.05 =
( 0.00% - ( -0.07%) ) ( -0.65% - ( 0.24%) ) x 0.02 =
 ( 0.00% - ( -0.07%) ) ( 0.00% - ( 0.24%) ) x 0.04 =
( -1.62% - ( -0.07%) ) ( 0.21% - ( 0.24%) ) x 0.03 =
( 0.08% - ( -0.07%) ) ( -0.11% - ( 0.24%) ) x 0.02 =
( -1.07% - ( -0.07%) ) ( 0.85% - ( 0.24%) ) x 0.05 =
( 1.61% - ( -0.07%) ) ( 1.91% - ( 0.24%) ) x 0.04 =
( 1.32% - ( -0.07%) ) ( 1.73% - ( 0.24%) ) x 0.06 =
( 0.78% - ( -0.07%) ) ( 0.33% - ( 0.24%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( -1.86% - ( 0.24%) ) x 0.02 =
( 0.26% - ( -0.07%) ) ( 0.74% - ( 0.24%) ) x 0.01

= 0.001568% + 0.006489% + 0.004655% + 0.007748% + 0.002464% + (0.23639%)

+ 0.013176% + 0.29484% + 0.00056% + 0.000416% + 0.006422% + 0.033063% +
0.009675% + 0.002472% + (0.012145%) + 0.003978% + 0.051336% + 0.000812% +
(0.024888%) + 0.024505% + 0.001246% + (0.000672%) + 0.001395% +
(0.000753%) + (0.0305%) + 0.112224% + 0.124266% + 0.000765% + 0.00294% +
0.00165% = 0.423317%

4. Kovarian Saham AD
( 0.00% - ( -0.07%) ) ( 1.44% - ( 0.09%) ) x 0.04 =
( -1.10% - ( -0.07%) ) ( 0.00% - ( 0.09%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 1.44% - ( 0.09%) ) x 0.07 =
( -0.20% - ( -0.07%) ) ( -0.74% - ( 0.09%) ) x 0.04 =
( 1.10% - ( -0.07%) ) ( 0.74% - ( 0.09%) ) x 0.01 =
( 3.00% - ( -0.07%) ) ( 0.74% - ( 0.09%) ) x 0.05 =
( -1.90% - ( -0.07%) ) ( 0.75% - ( 0.09%) ) x 0.03 =
( -2.80% - ( -0.07%) ) ( -1.52% - ( 0.09%) ) x 0.09 =
( 0.00% - ( -0.07%) ) ( 2.24% - ( 0.09%) ) x 0.02 =
( -0.20% - ( -0.07%) ) ( -1.50% - ( 0.09%) ) x 0.04 =
( 2.40% - ( -0.07%) ) ( 1.48% - ( 0.09%) ) x 0.02 =
( 1.00% - ( -0.07%) ) ( -1.50% - ( 0.09%) ) x 0.03 =
( -0.50% - ( -0.07%) ) ( 0.75% - ( 0.09%) ) x 0.05 =
( -1.10% - ( -0.07%) ) ( -1.54% - ( 0.09%) ) x 0.01 =
( 3.40% - ( -0.07%) ) ( 1.53% - ( 0.09%) ) x 0.01 =
( -1.60% - ( -0.07%) ) ( -0.78% - ( 0.09%) ) x 0.02 =
 ( -0.53% - ( -0.07%) ) ( -0.79% - ( 0.09%) ) x 0.03 =
( 0.00% - ( -0.07%) ) ( -0.79% - ( 0.09%) ) x 0.04 =
( -1.09% - ( -0.07%) ) ( -3.15% - ( 0.09%) ) x 0.04 =
( 1.62% - ( -0.07%) ) ( 0.78% - ( 0.09%) ) x 0.05 =
( 0.00% - ( -0.07%) ) ( -0.77% - ( 0.09%) ) x 0.02 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( 0.09%) ) x 0.04 =
( -1.62% - ( -0.07%) ) ( -0.77% - ( 0.09%) ) x 0.03 =
( 0.08% - ( -0.07%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( -1.07% - ( -0.07%) ) ( 3.01% - ( 0.09%) ) x 0.05 =
( 1.61% - ( -0.07%) ) ( 0.76% - ( 0.09%) ) x 0.04 =
( 1.32% - ( -0.07%) ) ( 0.76% - ( 0.09%) ) x 0.06 =
( 0.78% - ( -0.07%) ) ( -0.78% - ( 0.09%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( 0.26% - ( -0.07%) ) ( -1.55% - ( 0.09%) ) x 0.01

= 0.00378% + 0.000927% + 0.006615% + 0.004316% + 0.007605% + 0.099775% +

(0.036234%) + 0.395577% + 0.00301% + 0.00828% + 0.068666% + (0.051039%) +
(0.01419%) + 0.016789% + 0.049968% + 0.026622% + 0.012144% + (0.002464%) +
0.132192% + 0.058305% + (0.001204%) + (0.000252%) + 0.03999% + (0.00027%)
+ (0.146%) + 0.045024% + 0.055878% + (0.007397%) + (0.000126%) +
(0.005412%) = 0.770865%

5. Kovarian Saham AE
( 0.00% - ( -0.07%) ) ( 6,80% - ( 1.62%) ) x 0.04 =
( -1.10% - ( -0.07%) ) ( 4.38% - ( 1.62%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 4.58% - ( 1.62%) ) x 0.07 =
( -0.20% - ( -0.07%) ) ( -3.31% - ( 1.62%) ) x 0.04 =
( 1.10% - ( -0.07%) ) ( 6,35% - ( 1.62%) ) x 0.01 =
( 3.00% - ( -0.07%) ) ( 0.00% - ( 1.62%) ) x 0.05 =
( -1.90% - ( -0.07%) ) ( -3.28% - ( 1.62%) ) x 0.03 =
( -2.80% - ( -0.07%) ) ( 4.72% - ( 1.62%) ) x 0.09 =
( 0.00% - ( -0.07%) ) ( 3.31% - ( 1.62%) ) x 0.02 =
( -0.20% - ( -0.07%) ) ( -1.71% - ( 1.62%) ) x 0.04 =
( 2.40% - ( -0.07%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
 ( 1.00% - ( -0.07%) ) ( 3.31% - ( 1.62%) ) x 0.03 =
( -0.50% - ( -0.07%) ) ( 5.13% - ( 1.62%) ) x 0.05 =
( -1.10% - ( -0.07%) ) ( -4.76% - ( 1.62%) ) x 0.01 =
( 3.40% - ( -0.07%) ) ( -3.51% - ( 1.62%) ) x 0.01 =
( -1.60% - ( -0.07%) ) ( 0.87% - ( 1.62%) ) x 0.02 =
( -0.53% - ( -0.07%) ) ( -2.78% - ( 1.62%) ) x 0.03 =
( 0.00% - ( -0.07%) ) ( -1.82% - ( 1.62%) ) x 0.04 =
( -1.09% - ( -0.07%) ) ( 4.31% - ( 1.62%) ) x 0.04 =
( 1.62% - ( -0.07%) ) ( 5.17% - ( 1.62%) ) x 0.05 =
( 0.00% - ( -0.07%) ) ( -1.82% - ( 1.62%) ) x 0.02 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( 1.62%) ) x 0.04 =
( -1.62% - ( -0.07%) ) ( -0.92% - ( 1.62%) ) x 0.03 =
( 0.08% - ( -0.07%) ) ( 1.80% - ( 1.62%) ) x 0.02 =
( -1.07% - ( -0.07%) ) ( -0.91% - ( 1.62%) ) x 0.05 =
( 1.61% - ( -0.07%) ) ( 2.63% - ( 1.62%) ) x 0.04 =
( 1.32% - ( -0.07%) ) ( 0.89% - ( 1.62%) ) x 0.06 =
( 0.78% - ( -0.07%) ) ( -0.90% - ( 1.62%) ) x 0.01 =
( 0.00% - ( -0.07%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( 0.26% - ( -0.07%) ) ( 0.89% - ( 1.62%) ) x 0.01

= 0.014504% + (0.02842%) + 0.014504% + 0.025636% + 0.055341% + (0.24867%)

+ 0.26901% + (0.76167% + 0.002366% + 0.017316% + (0.080028%) + 0.054249% +
(0.075465%) + 0.065714% + (0.178011%) + 0.02295% + 0.06072% + (0.009632%)
+ (0.109752%) + 0.299975% + (0.004816%) + (0.004636%) + 0.11811% +
0.00054% + 0.1265% + 0.067872% + (0.060882%) + (0.02142%) + (0.002268%) +
(0.002409%) = 0.230903%

6. Kovarian Saham BB
( 0.30% - ( 0.11%) ) ( 0.30% - ( 0.11%) ) x 0.04 =
( -1.80% - ( 0.11%) ) ( -1.80% - ( 0.11%) ) x 0.01 =
( 1.79% - ( 0.11%) ) ( 1.79% - ( 0.11%) ) x 0.07 =
( 2.72% - ( 0.11%) ) ( 2.72% - ( 0.11%) ) x 0.04 =
( 1.25% - ( 0.11%) ) ( 1.25% - ( 0.11%) ) x 0.01 =
( -1.25% - ( 0.11%) ) ( -1.25% - ( 0.11%) ) x 0.05 =
( -0.62% - ( 0.11%) ) ( -0.62% - ( 0.11%) ) x 0.03 =
( -1.52% - ( 0.11%) ) ( -1.52% - ( 0.11%) ) x 0.09 =
( 0.61% - ( 0.11%) ) ( 0.61% - ( 0.11%) ) x 0.02 =
( 0.30% - ( 0.11%) ) ( 0.30% - ( 0.11%) ) x 0.04 =
( 2.14% - ( 0.11%) ) ( 2.14% - ( 0.11%) ) x 0.02 =
( -0.32% - ( 0.11%) ) ( -0.32% - ( 0.11%) ) x 0.03 =
( -0.62% - ( 0.11%) ) ( -0.62% - ( 0.11%) ) x 0.05 =
( -1.89% - ( 0.11%) ) ( -1.89% - ( 0.11%) ) x 0.01 =
( 0.00% - ( 0.11%) ) ( 0.00% - ( 0.11%) ) x 0.01 =
( 3.03% - ( 0.11%) ) ( 3.03% - ( 0.11%) ) x 0.02 =
( -3.21% - ( 0.11%) ) ( -3.21% - ( 0.11%) ) x 0.03 =
( -2.87% - ( 0.11%) ) ( -2.87% - ( 0.11%) ) x 0.04 =
( 1.54% - ( 0.11%) ) ( 1.54% - ( 0.11%) ) x 0.04 =
( 1.89% - ( 0.11%) ) ( 1.89% - ( 0.11%) ) x 0.05 =
( -0.33% - ( 0.11%) ) ( -0.33% - ( 0.11%) ) x 0.02 =
( 0.00% - ( 0.11%) ) ( 0.00% - ( 0.11%) ) x 0.04 =
( -3.30% - ( 0.11%) ) ( -3.30% - ( 0.11%) ) x 0.03 =
( -0.97% - ( 0.11%) ) ( -0.97% - ( 0.11%) ) x 0.02 =
( 2.88 % - ( 0.11%) ) ( 2.88 % - ( 0.11%) ) x 0.05 =
( 1.29% - ( 0.11%) ) ( 1.29% - ( 0.11%) ) x 0.04 =
( 0.00% - ( 0.11%) ) ( 0.00% - ( 0.11%) ) x 0.06 =
( 0.98% - ( 0.11%) ) ( 0.98% - ( 0.11%) ) x 0.01 =
( -4.30% - ( 0.11%) ) ( -4.30% - ( 0.11%) ) x 0.02 =
( -1.26% - ( 0.11%) ) ( -1.26% - ( 0.11%) ) x 0.01

= 0.001444% + 0.036481% + 0.197568% + 0.272484% + 0.012996% + 0.09248% +

0.015987% + 0.239121% + 0.005% + 0.001444% + 0.082418% + 0.005547% +
0.026645% + 0.04% + 0.000121% + 0.170528% + 0.330672% + 0.355216% +
0.081796% + 0.15842% + 0.003872% + 0.003872% + 0.000484% + 0.348843% +
0.000648% + 0.383645% + 0.055696% + 0.000726% + 0.007569% + 0.388926% +
0.018769% = 4.165136%
7. Kovarian Saham BC
( 0.30% - ( 0.11%) ) ( -0.32% - ( 0.24%) ) x 0.04 =
( -1.80% - ( 0.11%) ) ( 0.87% - ( 0.24%) ) x 0.01 =
( 1.79% - ( 0.11%) ) ( 1.19% - ( 0.24%) ) x 0.07 =
( 2.72% - ( 0.11%) ) ( 1.73% - ( 0.24%) ) x 0.04 =
( 1.25% - ( 0.11%) ) ( 2.16% - ( 0.24%) ) x 0.01 =
( -1.25% - ( 0.11%) ) ( -1.30% - ( 0.24%) ) x 0.05 =
( -0.62% - ( 0.11%) ) ( 0.00% - ( 0.24%) ) x 0.03 =
( -1.52% - ( 0.11%) ) ( -0.96% - ( 0.24%) ) x 0.09 =
( 0.61% - ( 0.11%) ) ( 0.64% - ( 0.24%) ) x 0.02 =
( 0.30% - ( 0.11%) ) ( 0.32% - ( 0.24%) ) x 0.04 =
( 2.14% - ( 0.11%) ) ( 0.11% - ( 0.24%) ) x 0.02 =
( -0.32% - ( 0.11%) ) ( 1.27% - ( 0.24%) ) x 0.03 =
( -0.62% - ( 0.11%) ) ( -0.21% - ( 0.24%) ) x 0.05 =
( -1.89% - ( 0.11%) ) ( 0.00% - ( 0.24%) ) x 0.01 =
( 0.00% - ( 0.11%) ) ( -0.11% - ( 0.24%) ) x 0.01 =
( 3.03% - ( 0.11%) ) ( 0.11% - ( 0.24%) ) x 0.02 =
( -3.21% - ( 0.11%) ) ( -3.48% - ( 0.24%) ) x 0.03 =
( -2.87% - ( 0.11%) ) ( 0.53% - ( 0.24%) ) x 0.04 =
( 1.54% - ( 0.11%) ) ( 0.85% - ( 0.24%) ) x 0.04 =
( 1.89% - ( 0.11%) ) ( 0.53% - ( 0.24%) ) x 0.05 =
( -0.33% - ( 0.11%) ) ( -0.65% - ( 0.24%) ) x 0.02 =
( 0.00% - ( 0.11%) ) ( 0.00% - ( 0.24%) ) x 0.04 =
( -3.30% - ( 0.11%) ) ( 0.21% - ( 0.24%) ) x 0.03 =
( -0.97% - ( 0.11%) ) ( -0.11% - ( 0.24%) ) x 0.02 =
( 2.88% - ( 0.11%) ) ( 0.85% - ( 0.24%) ) x 0.05 =
( 1.29% - ( 0.11%) ) ( 1.91% - ( 0.24%) ) x 0.04 =
( 0.00% - ( 0.11%) ) ( 1.73% - ( 0.24%) ) x 0.06 =
( 0.98% - ( 0.11%) ) ( 0.33% - ( 0.24%) ) x 0.01 =
( -4.30% - ( 0.11%) ) ( -1.86% - ( 0.24%) ) x 0.02 =
( -1.26% - ( 0.11%) ) ( 0.74% - ( 0.24%) ) x 0.01

= 0.004256% + (0.012033%) + 0.11172% + 0.155556% + 0.021888% + 0.10472% +

0.005256% + 0.17604% + 0.004% + 0.000608% + (0.005278%) + (0.013287%) +
 0.016425% + 0.0048% + 0.000385% + (0.007592%) + 0.370512% + (0.034568%) +
0.034892% + 0.02581% + 0.007832% + 0.001056% + 0.003069% + 0.00756% +
0.084485% + 0.078824% + (0.009834%) + 0.000783% + 0.18522% + (0.00685%) =
1.316255%

8. Kovarian Saham BD
( 0.30% - ( 0.11%) ) ( 1.44% - ( 0.09%) ) x 0.04 =
( -1.80% - ( 0.11%) ) ( 0.00% - ( 0.09%) ) x 0.01 =
( 1.79% - ( 0.11%) ) ( 1.44% - ( 0.09%) ) x 0.07 =
( 2.72% - ( 0.11%) ) ( -0.74% - ( 0.09%) ) x 0.04 =
( 1.25% - ( 0.11%) ) ( 0.74% - ( 0.09%) ) x 0.01 =
( -1.25% - ( 0.11%) ) ( 0.74% - ( 0.09%) ) x 0.05 =
( -0.62% - ( 0.11%) ) ( 0.75% - ( 0.09%) ) x 0.03 =
( -1.52% - ( 0.11%) ) ( -1.52% - ( 0.09%) ) x 0.09 =
( 0.61% - ( 0.11%) ) ( 2.24% - ( 0.09%) ) x 0.02 =
( 0.30% - ( 0.11%) ) ( -1.50% - ( 0.09%) ) x 0.04 =
( 2.14% - ( 0.11%) ) ( 1.48% - ( 0.09%) ) x 0.02 =
( -0.32% - ( 0.11%) ) ( -1.50% - ( 0.09%) ) x 0.03 =
( -0.62% - ( 0.11%) ) ( 0.75% - ( 0.09%) ) x 0.05 =
( -1.89% - ( 0.11%) ) ( -1.54% - ( 0.09%) ) x 0.01 =
( 0.00% - ( 0.11%) ) ( 1.53% - ( 0.09%) ) x 0.01 =
( 3.03% - ( 0.11%) ) ( -0.78% - ( 0.09%) ) x 0.02 =
( -3.21% - ( 0.11%) ) ( -0.79% - ( 0.09%) ) x 0.03 =
( -2.87% - ( 0.11%) ) ( -0.79% - ( 0.09%) ) x 0.04 =
( 1.54% - ( 0.11%) ) ( -3.15% - ( 0.09%) ) x 0.04 =
( 1.89% - ( 0.11%) ) ( 0.78% - ( 0.09%) ) x 0.05 =
( -0.33% - ( 0.11%) ) ( -0.77% - ( 0.09%) ) x 0.02 =
( 0.00% - ( 0.11%) ) ( 0.00% - ( 0.09%) ) x 0.04 =
( -3.30% - ( 0.11%) ) ( -0.77% - ( 0.09%) ) x 0.03 =
( -0.97% - ( 0.11%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( 2.88% - ( 0.11%) ) ( 3.01% - ( 0.09%) ) x 0.05 =
( 1.29% - ( 0.11%) ) ( 0.76% - ( 0.09%) ) x 0.04 =
( 0.00% - ( 0.11%) ) ( 0.76% - ( 0.09%) ) x 0.06 =
( 0.98% - ( 0.11%) ) ( -0.78% - ( 0.09%) ) x 0.01 =
 ( -4.30% - ( 0.11%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( -1.26% - ( 0.11%) ) ( -1.55% - ( 0.09%) ) x 0.01

= 0.01026% + 0.001719% + 0.15876% + (0.086652%) + 0.00741% + (0.0442%) +

(0.014454%) + 0.236187% + 0.0215% + (0.012236%) + 0.056434% + 0.020511% +
(0.02409%) + 0.0326% + (0.001584%) + (0.050808%) + 0.087648% + 0.104896% +
(0.185328%) + 0.06141% + 0.007568% + 0.000396% + 0.087978% + 0.001944% +
0.40442% + 0.031624% + (0.004422%) + (0.007569%) + 0.007938% + 0.022468% =
0.932328%

9. Kovarian Saham BE
( 0.30% - ( 0.11%) ) ( 6,80% - ( 1.62%) ) x 0.04 =
( -1.80% - ( 0.11%) ) ( 4.38% - ( 1.62%) ) x 0.01 =
( 1.79% - ( 0.11%) ) ( 4.58% - ( 1.62%) ) x 0.07 =
( 2.72% - ( 0.11%) ) ( -3.31% - ( 1.62%) ) x 0.04 =
( 1.25% - ( 0.11%) ) ( 6,35% - ( 1.62%) ) x 0.01 =
( -1.25% - ( 0.11%) ) ( 0.00% - ( 1.62%) ) x 0.05 =
( -0.62% - ( 0.11%) ) ( -3.28% - ( 1.62%) ) x 0.03 =
( -1.52% - ( 0.11%) ) ( 4.72% - ( 1.62%) ) x 0.09 =
( 0.61% - ( 0.11%) ) ( 3.31% - ( 1.62%) ) x 0.02 =
( 0.30% - ( 0.11%) ) ( -1.71% - ( 1.62%) ) x 0.04 =
( 2.14% - ( 0.11%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( -0.32% - ( 0.11%) ) ( 3.31% - ( 1.62%) ) x 0.03 =
( -0.62% - ( 0.11%) ) ( 5.13% - ( 1.62%) ) x 0.05 =
( -1.89% - ( 0.11%) ) ( -4.76% - ( 1.62%) ) x 0.01 =
( 0.00% - ( 0.11%) ) ( -3.51% - ( 1.62%) ) x 0.01 =
( 3.03% - ( 0.11%) ) ( 0.87% - ( 1.62%) ) x 0.02 =
( -3.21% - ( 0.11%) ) ( -2.78% - ( 1.62%) ) x 0.03 =
( -2.87% - ( 0.11%) ) ( -1.82% - ( 1.62%) ) x 0.04 =
( 1.54% - ( 0.11%) ) ( 4.31% - ( 1.62%) ) x 0.04 =
( 1.89% - ( 0.11%) ) ( 5.17% - ( 1.62%) ) x 0.05 =
( -0.33% - ( 0.11%) ) ( -1.82% - ( 1.62%) ) x 0.02 =
( 0.00% - ( 0.11%) ) ( 0.00% - ( 1.62%) ) x 0.04 =
( -3.30% - ( 0.11%) ) ( -0.92% - ( 1.62%) ) x 0.03 =
 ( -0.97% - ( 0.11%) ) ( 1.80% - ( 1.62%) ) x 0.02 =
( 2.88% - ( 0.11%) ) ( -0.91% - ( 1.62%) ) x 0.05 =
( 1.29% - ( 0.11%) ) ( 2.63% - ( 1.62%) ) x 0.04 =
( 0.00% - ( 0.11%) ) ( 0.89% - ( 1.62%) ) x 0.06 =
( 0.98% - ( 0.11%) ) ( -0.90% - ( 1.62%) ) x 0.01 =
( -4.30% - ( 0.11%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( -1.26% - ( 0.11%) ) ( 0.89% - ( 1.62%) ) x 0.01

= 0.039368% + (0.052716%) + 0.348096% + (0.514692%) + 0.053922% + 0.11016%

+ 0.10731% + (0.45477%) + (0.0333%) + (0.025308%) + (0.065772%) +
(0.021801%) + (0.128115%) + 0.1276% + 0.005643% + (0.0438%) + 0.43824% +
0.397664% + (0.153868%) + 0.31595% + 0.00176% + 0.007128% + 0.259842% +
(0.003888%) + (0.350405%) + 0.047672% + 0.004818% + (0.021924%) +
0.142884% + 0.010001% = 1.5076862%

10. Kovarian Saham CC

( -0.32% - ( 0.24%) ) ( -0.32% - ( 0.24%) ) x 0.04 =
( 0.87% - ( 0.24%) ) ( 0.87% - ( 0.24%) ) x 0.01 =
( 1.19% - ( 0.24%) ) ( 1.19% - ( 0.24%) ) x 0.07 =
( 1.73% - ( 0.24%) ) ( 1.73% - ( 0.24%) ) x 0.04 =
( 2.16% - ( 0.24%) ) ( 2.16% - ( 0.24%) ) x 0.01 =
( -1.30% - ( 0.24%) ) ( -1.30% - ( 0.24%) ) x 0.05 =
( 0.00% - ( 0.24%) ) ( 0.00% - ( 0.24%) ) x 0.03 =
( -0.96% - ( 0.24%) ) ( -0.96% - ( 0.24%) ) x 0.09 =
( 0.64% - ( 0.24%) ) ( 0.64% - ( 0.24%) ) x 0.02 =
( 0.32% - ( 0.24%) ) ( 0.32% - ( 0.24%) ) x 0.04 =
( 0.11% - ( 0.24%) ) ( 0.11% - ( 0.24%) ) x 0.02 =
( 1.27% - ( 0.24%) ) ( 1.27% - ( 0.24%) ) x 0.03 =
( -0.21% - ( 0.24%) ) ( -0.21% - ( 0.24%) ) x 0.05 =
( 0.00% - ( 0.24%) ) ( 0.00% - ( 0.24%) ) x 0.01 =
( -0.11% - ( 0.24%) ) ( -0.11% - ( 0.24%) ) x 0.01 =
( 0.11% - ( 0.24%) ) ( 0.11% - ( 0.24%) ) x 0.02 =
( -3.48% - ( 0.24%) ) ( -3.48% - ( 0.24%) ) x 0.03 =
( 0.53% - ( 0.24%) ) ( 0.53% - ( 0.24%) ) x 0.04 =
 ( 0.85% - ( 0.24%) ) ( 0.85% - ( 0.24%) ) x 0.04 =
( 0.53% - ( 0.24%) ) ( 0.53% - ( 0.24%) ) x 0.05 =
( -0.65% - ( 0.24%) ) ( -0.65% - ( 0.24%) ) x 0.02 =
( 0.00% - ( 0.24%) ) ( 0.00% - ( 0.24%) ) x 0.04 =
( 0.21% - ( 0.24%) ) ( 0.21% - ( 0.24%) ) x 0.03 =
( -0.11% - ( 0.24%) ) ( -0.11% - ( 0.24%) ) x 0.02 =
( 0.85% - ( 0.24%) ) ( 0.85% - ( 0.24%) ) x 0.05 =
( 1.91% - ( 0.24%) ) ( 1.91% - ( 0.24%) ) x 0.04 =
( 1.73% - ( 0.24%) ) ( 1.73% - ( 0.24%) ) x 0.06 =
( 0.33% - ( 0.24%) ) ( 0.33% - ( 0.24%) ) x 0.01 =
( -1.86% - ( 0.24%) ) ( -1.86% - ( 0.24%) ) x 0.02 =
( 0.74% - ( 0.24%) ) ( 0.74% - ( 0.24%) ) x 0.01

= 0.012544% + 0.000435% + 0.063175% + 0.088804% + 2.159384% + 0.11858% +

0.001728% + 0.1296% + 0.0032% + 0.000025% + 0.031827% + 0.010125% +
0.000576% + 0.001225% + 0.415115% + 0.003364% + 0.014884% + 0.004205% +
0.015842% +0.002304% + 0.000027% + 0.00245% + 0.018605% + 0.195223% +
0.133206% = 3.426453%

11. Kovarian Saham CD

( -0.32% - ( 0.24%) ) ( 1.44% - ( 0.09%) ) x 0.04 =
( 0.87% - ( 0.24%) ) ( 0.00% - ( 0.09%) ) x 0.01 =
( 1.19% - ( 0.24%) ) ( 1.44% - ( 0.09%) ) x 0.07 =
( 1.73% - ( 0.24%) ) ( -0.74% - ( 0.09%) ) x 0.04 =
( 2.16% - ( 0.24%) ) ( 0.74% - ( 0.09%) ) x 0.01 =
( -1.30% - ( 0.24%) ) ( 0.74% - ( 0.09%) ) x 0.05 =
( 0.00% - ( 0.24%) ) ( 0.75% - ( 0.09%) ) x 0.03 =
( -0.96% - ( 0.24%) ) ( -1.52% - ( 0.09%) ) x 0.09 =
( 0.64% - ( 0.24%) ) ( 2.24% - ( 0.09%) ) x 0.02 =
( 0.32% - ( 0.24%) ) ( -1.50% - ( 0.09%) ) x 0.04 =
( 0.11% - ( 0.24%) ) ( 1.48% - ( 0.09%) ) x 0.02 =
( 1.27% - ( 0.24%) ) ( -1.50% - ( 0.09%) ) x 0.03 =
( -0.21% - ( 0.24%) ) ( 0.75% - ( 0.09%) ) x 0.05 =
( 0.00% - ( 0.24%) ) ( -1.54% - ( 0.09%) ) x 0.01 =
 ( -0.11% - ( 0.24%) ) ( 1.53% - ( 0.09%) ) x 0.01 =
( 0.11% - ( 0.24%) ) ( -0.78% - ( 0.09%) ) x 0.02 =
( -3.48% - ( 0.24%) ) ( -0.79% - ( 0.09%) ) x 0.03 =
( 0.53% - ( 0.24%) ) ( -0.79% - ( 0.09%) ) x 0.04 =
( 0.85% - ( 0.24%) ) ( -3.15% - ( 0.09%) ) x 0.04 =
( 0.53% - ( 0.24%) ) ( 0.78% - ( 0.09%) ) x 0.05 =
( -0.65% - ( 0.24%) ) ( -0.77% - ( 0.09%) ) x 0.02 =
( 0.00% - ( 0.24%) ) ( 0.00% - ( 0.09%) ) x 0.04 =
( 0.21% - ( 0.24%) ) ( -0.77% - ( 0.09%) ) x 0.03 =
( -0.11% - ( 0.24%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( 0.85% - ( 0.24%) ) ( 3.01% - ( 0.09%) ) x 0.05 =
( 1.91% - ( 0.24%) ) ( 0.76% - ( 0.09%) ) x 0.04 =
( 1.73% - ( 0.24%) ) ( 0.76% - ( 0.09%) ) x 0.06 =
( 0.33% - ( 0.24%) ) ( -0.78% - ( 0.09%) ) x 0.01 =
( -1.86% - ( 0.24%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( 0.74% - ( 0.24%) ) ( -1.55% - ( 0.09%) ) x 0.01

= (-1.74096%) + (-0.000567%) + 0.089775% + (-0.049468%) + 0.01248% + (-

1.0626%) + ( -0.004752%) + 0.17388% + 0.0172% + 0.0236% + (-0.003614%) + (-
0.049131%) + (-0.01485%) + 0.003912% + (-0.00504%) + 0.002262% + 0.098208%
+ (-0.012615%) + 0.015308% + 0.000864% + (-0.000612%) + (-0.00063%) +
0.08906% + 0.044756% + 0.059898% + (-0.000783) + 0.004116% + (-0.0082%) =
-2.318503%

12. Kovarian Saham CE

( -0.32% - ( 0.24%) ) ( 6,80% - ( 1.62%) ) x 0.04 =
( 0.87% - ( 0.24%) ) ( 4.38% - ( 1.62%) ) x 0.01 =
( 1.19% - ( 0.24%) ) ( 4.58% - ( 1.62%) ) x 0.07 =
( 1.73% - ( 0.24%) ) ( -3.31% - ( 1.62%) ) x 0.04 =
( 2.16% - ( 0.24%) ) ( 6,35% - ( 1.62%) ) x 0.01 =
( -1.30% - ( 0.24%) ) ( 0.00% - ( 1.62%) ) x 0.05 =
( 0.00% - ( 0.24%) ) ( -3.28% - ( 1.62%) ) x 0.03 =
( -0.96% - ( 0.24%) ) ( 4.72% - ( 1.62%) ) x 0.09 =
( 0.64% - ( 0.24%) ) ( 3.31% - ( 1.62%) ) x 0.02 =
 ( 0.32% - ( 0.24%) ) ( -1.71% - ( 1.62%) ) x 0.04 =
( 0.11% - ( 0.24%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( 0.11% - ( 0.24%) ) ( 3.31% - ( 1.62%) ) x 0.03 =
( -0.21% - ( 0.24%) ) ( 5.13% - ( 1.62%) ) x 0.05 =
( 0.00% - ( 0.24%) ) ( -4.76% - ( 1.62%) ) x 0.01 =
( -0.11% - ( 0.24%) ) ( -3.51% - ( 1.62%) ) x 0.01 =
( 0.11% - ( 0.24%) ) ( 0.87% - ( 1.62%) ) x 0.02 =
( -3.48% - ( 0.24%) ) ( -2.78% - ( 1.62%) ) x 0.03 =
( 0.53% - ( 0.24%) ) ( -1.82% - ( 1.62%) ) x 0.04 =
( 0.85% - ( 0.24%) ) ( 4.31% - ( 1.62%) ) x 0.04 =
( 0.53% - ( 0.24%) ) ( 5.17% - ( 1.62%) ) x 0.05 =
( -0.65% - ( 0.24%) ) ( -1.82% - ( 1.62%) ) x 0.02 =
( 0.00% - ( 0.24%) ) ( 0.00% - ( 1.62%) ) x 0.04 =
( 0.21% - ( 0.24%) ) ( -0.92% - ( 1.62%) ) x 0.03 =
( -0.11% - ( 0.24%) ) ( 1.80% - ( 1.62%) ) x 0.02 =
( 0.85% - ( 0.24%) ) ( -0.91% - ( 1.62%) ) x 0.05 =
( 1.91% - ( 0.24%) ) ( 2.63% - ( 1.62%) ) x 0.04 =
( 1.73% - ( 0.24%) ) ( 0.89% - ( 1.62%) ) x 0.06 =
( 0.33% - ( 0.24%) ) ( -0.90% - ( 1.62%) ) x 0.01 =
( -1.86% - ( 0.24%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( 0.74% - ( 0.24%) ) ( 0.89% - ( 1.62%) ) x 0.01

= (-0.116032%) + 0.017388% + (-0.293828%) + 0.090816% + 0.12474% +

0.03528% + 0.3348% + 0.01352% + (-0.010656%) + 0.052221% + (-0.078975%) +
0.015312% + 0.017955% + 0.49104% + (-0.039904%) + 0.065636% + (-0.04988%)
+ 0.061232% + 0.015552% + 0.002286% + (-0.20412%) + (-0.077165%) +
0.067468% + (-0.065262%) + (-0.002268%) + 0.06804% + (-0.00365%) =
1.138758%

13. Kovarian Saham DD

( 1.44% - ( 0.09%) ) ( 1.44% - ( 0.09%) ) x 0.04 =
( 0.00% - ( 0.09%) ) ( 0.00% - ( 0.09%) ) x 0.01 =
( 1.44% - ( 0.09%) ) ( 1.44% - ( 0.09%) ) x 0.07 =
( -0.74% - ( 0.09%) ) ( -0.74% - ( 0.09%) ) x 0.04 =
( 0.74% - ( 0.09%) ) ( 0.74% - ( 0.09%) ) x 0.01 =
( 0.74% - ( 0.09%) ) ( 0.74% - ( 0.09%) ) x 0.05 =
( 0.75% - ( 0.09%) ) ( 0.75% - ( 0.09%) ) x 0.03 =
( -1.52% - ( 0.09%) ) ( -1.52% - ( 0.09%) ) x 0.09 =
( 2.24% - ( 0.09%) ) ( 2.24% - ( 0.09%) ) x 0.02 =
( -1.50% - ( 0.09%) ) ( -1.50% - ( 0.09%) ) x 0.04 =
( 1.48% - ( 0.09%) ) ( 1.48% - ( 0.09%) ) x 0.02 =
( -1.50% - ( 0.09%) ) ( -1.50% - ( 0.09%) ) x 0.03 =
( 0.75% - ( 0.09%) ) ( 0.75% - ( 0.09%) ) x 0.05 =
( -1.54% - ( 0.09%) ) ( -1.54% - ( 0.09%) ) x 0.01 =
( 1.53% - ( 0.09%) ) ( 1.53% - ( 0.09%) ) x 0.01 =
( -0.78% - ( 0.09%) ) ( -0.78% - ( 0.09%) ) x 0.02 =
( -0.79% - ( 0.09%) ) ( -0.79% - ( 0.09%) ) x 0.03 =
( -0.79% - ( 0.09%) ) ( -0.79% - ( 0.09%) ) x 0.04 =
( -3.15% - ( 0.09%) ) ( -3.15% - ( 0.09%) ) x 0.04 =
( 0.78% - ( 0.09%) ) ( 0.78% - ( 0.09%) ) x 0.05 =
( -0.77% - ( 0.09%) ) ( -0.77% - ( 0.09%) ) x 0.02 =
( 0.00% - ( 0.09%) ) ( 0.00% - ( 0.09%) ) x 0.04 =
( -0.77% - ( 0.09%) ) ( -0.77% - ( 0.09%) ) x 0.03 =
( 0.00% - ( 0.09%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( 3.01% - ( 0.09%) ) ( 3.01% - ( 0.09%) ) x 0.05 =
( 0.76% - ( 0.09%) ) ( 0.76% - ( 0.09%) ) x 0.04 =
( 0.76% - ( 0.09%) ) ( 0.76% - ( 0.09%) ) x 0.06 =
( -0.78% - ( 0.09%) ) ( -0.78% - ( 0.09%) ) x 0.01 =
( 0.00% - ( 0.09%) ) ( 0.00% - ( 0.09%) ) x 0.02 =
( -1.55% - ( 0.09%) ) ( -1.55% - ( 0.09%) ) x 0.01

= 0.0729% + 0.000081% + 0.127575% + 0.027556% + 0.004225% + 0.021125% +

0.013068% + 0.233289% + 0.09245% + 0.101124% + 0.038642% + 0.075843% +
0.02178% + 0.026569% + 0.020736% + 0.015138% + 0.023232% + 0.030976% +
0.419905% + 0.037845% + 0.014792% + 0.000324% + 0.022188% + 0.000162% +
0.42632% + 0.017956% + 0.026934% + 0.007569% + 0.000162% + 0.026896% =
1.93963%
14. Kovarian Saham DE
( 1.44% - ( 0.09%) ) ( 6,80% - ( 1.62%) ) x 0.04 =
( 0.00% - ( 0.09%) ) ( 4.38% - ( 1.62%) ) x 0.01 =
( 1.44% - ( 0.09%) ) ( 4.58% - ( 1.62%) ) x 0.07 =
( -0.74% - ( 0.09%) ) ( -3.31% - ( 1.62%) ) x 0.04 =
( 0.74% - ( 0.09%) ) ( 6,35% - ( 1.62%) ) x 0.01 =
( 0.74% - ( 0.09%) ) ( 0.00% - ( 1.62%) ) x 0.05 =
( 0.75% - ( 0.09%) ) ( -3.28% - ( 1.62%) ) x 0.03 =
( -1.52% - ( 0.09%) ) ( 4.72% - ( 1.62%) ) x 0.09 =
( 2.24% - ( 0.09%) ) ( 3.31% - ( 1.62%) ) x 0.02 =
( -1.50% - ( 0.09%) ) ( -1.71% - ( 1.62%) ) x 0.04 =
( 1.48% - ( 0.09%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( -1.50% - ( 0.09%) ) ( 3.31% - ( 1.62%) ) x 0.03 =
( 0.75% - ( 0.09%) ) ( 5.13% - ( 1.62%) ) x 0.05 =
( -1.54% - ( 0.09%) ) ( -4.76% - ( 1.62%) ) x 0.01 =
( 1.53% - ( 0.09%) ) ( -3.51% - ( 1.62%) ) x 0.01 =
( -0.78% - ( 0.09%) ) ( 0.87% - ( 1.62%) ) x 0.02 =
( -0.79% - ( 0.09%) ) ( -2.78% - ( 1.62%) ) x 0.03 =
( -0.79% - ( 0.09%) ) ( -1.82% - ( 1.62%) ) x 0.04 =
( -3.15% - ( 0.09%) ) ( 4.31% - ( 1.62%) ) x 0.04 =
( 0.78% - ( 0.09%) ) ( 5.17% - ( 1.62%) ) x 0.05 =
( -0.77% - ( 0.09%) ) ( -1.82% - ( 1.62%) ) x 0.02 =
( 0.00% - ( 0.09%) ) ( 0.00% - ( 1.62%) ) x 0.04 =
( -0.77% - ( 0.09%) ) ( -0.92% - ( 1.62%) ) x 0.03 =
( 0.00% - ( 0.09%) ) ( 1.80% - ( 1.62%) ) x 0.02 =
( 3.01% - ( 0.09%) ) ( -0.91% - ( 1.62%) ) x 0.05 =
( 0.76% - ( 0.09%) ) ( 2.63% - ( 1.62%) ) x 0.04 =
( 0.76% - ( 0.09%) ) ( 0.89% - ( 1.62%) ) x 0.06 =
( -0.78% - ( 0.09%) ) ( -0.90% - ( 1.62%) ) x 0.01 =
( 0.00% - ( 0.09%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( -1.55% - ( 0.09%) ) ( 0.89% - ( 1.62%) ) x 0.01

= 0.01529% + 0.001179% + 0.009271% + 0.006729% + 0.002952% + 0.000091% +

0.004979% + 0.012904% + 0.001079% + 0.002423% + 0.000036% + 0.001610% +
 0.008809% + 0.003109% + 0.001856% + (0.000113%) + 0.003809% + 0.002652% +
0.004525% + 0.008998% + 0.000069% + 0.000073% + 0.000783% + 0.000063% +
0.001289% + 0.001024% + (0.000339%) + 0.000255% + 0.000036% + (0.000056%)
= 0,090633%

15. Kovarian Saham EE

( 6,80% - ( 1.62%) ) ( 6,80% - ( 1.62%) ) x 0.04 =
( 4.38% - ( 1.62%) ) ( 4.38% - ( 1.62%) ) x 0.01 =
( 4.58% - ( 1.62%) ) ( 4.58% - ( 1.62%) ) x 0.07 =
( -3.31% - ( 1.62%) ) ( -3.31% - ( 1.62%) ) x 0.04 =
( 6,35% - ( 1.62%) ) ( 6,35% - ( 1.62%) ) x 0.01 =
( 0.00% - ( 1.62%) ) ( 0.00% - ( 1.62%) ) x 0.05 =
( -3.28% - ( 1.62%) ) ( -3.28% - ( 1.62%) ) x 0.03 =
( 4.72% - ( 1.62%) ) ( 4.72% - ( 1.62%) ) x 0.09 =
( 3.31% - ( 1.62%) ) ( 3.31% - ( 1.62%) ) x 0.02 =
( -1.71% - ( 1.62%) ) ( -1.71% - ( 1.62%) ) x 0.04 =
( 0.00% - ( 1.62%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( 3.31% - ( 1.62%) ) ( 3.31% - ( 1.62%) ) x 0.03 =
( 5.13% - ( 1.62%) ) ( 5.13% - ( 1.62%) ) x 0.05 =
( -4.76% - ( 1.62%) ) ( -4.76% - ( 1.62%) ) x 0.01 =
( -3.51% - ( 1.62%) ) ( -3.51% - ( 1.62%) ) x 0.01 =
( 0.87% - ( 1.62%) ) ( 0.87% - ( 1.62%) ) x 0.02 =
( -2.78% - ( 1.62%) ) ( -2.78% - ( 1.62%) ) x 0.03 =
( -1.82% - ( 1.62%) ) ( -1.82% - ( 1.62%) ) x 0.04 =
( 4.31% - ( 1.62%) ) ( 4.31% - ( 1.62%) ) x 0.04 =
( 5.17% - ( 1.62%) ) ( 5.17% - ( 1.62%) ) x 0.05 =
( -1.82% - ( 1.62%) ) ( -1.82% - ( 1.62%) ) x 0.02 =
( 0.00% - ( 1.62%) ) ( 0.00% - ( 1.62%) ) x 0.04 =
( -0.92% - ( 1.62%) ) ( -0.92% - ( 1.62%) ) x 0.03 =
( 1.80% - ( 1.62%) ) ( 1.80% - ( 1.62%) ) x 0.02 =
( -0.91% - ( 1.62%) ) ( -0.91% - ( 1.62%) ) x 0.05 =
( 2.63% - ( 1.62%) ) ( 2.63% - ( 1.62%) ) x 0.04 =
( 0.89% - ( 1.62%) ) ( 0.89% - ( 1.62%) ) x 0.06 =
( -0.90% - ( 1.62%) ) ( -0.90% - ( 1.62%) ) x 0.01 =
 ( 0.00% - ( 1.62%) ) ( 0.00% - ( 1.62%) ) x 0.02 =
( 0.89% - ( 1.62%) ) ( 0.89% - ( 1.62%) ) x 0.01

= 0,010762% + 0,000764% + 0.006151% + 0.009689% + 0.002241% + 0.001305% +

0.007187% + 0.008697% + 0.008697% + 0,000522% + 0,000857% + 0.006169% +
0.004067% + 0.002626% + 0.000111% + 0.005791% + 0.004717% + 0.002904% +
0.006325% + 0.000008% + 2.197447% + 0.001925% + 0.000007% + 0.003187% +
0.000413% + 0.000314% + 0.000633% + 0.000522% + 0.000052% = 2.290388%

Dari cara perhitungan tersebut, maka diperoleh kovarian saham:

1 AA = 2,255564
2 AB = 0.6281606
3 AC = 0.423317
4 AD = 0.770865
5 AE = 0.230903
6 BB = 4.165136
7 BC = 1.316255
8 BD = 0.932328
9 BE = 1.5076862
10 CC = 3.426453
11 CD = -2.318503
12 CE = 1.138758
13 DD = 1.93963
14 DE = 0,090633
15 EE = 2.290388

Apabila disusun kedalam matriks varian kovarian, dapat dilihat sebagai berikut ini:
VC =
AA AB AC AD AE
BA BB BC BD BE
CA CB CC CD CE =
DA DB DC DD DE
{ EA EB EC ED EE }
2,255564 0.6281606 0.423317 0.770865 0.230903
0.6281606 4.165136 1.316255 0.932328 1.5076862
0.423317 1.316255 3.426453 −2.318503 1.138758
0.770865 0.932328 −2.318503 1.93963 0,090633
{ 0.230903 1.5076862 1.138758 0,090633 2.290388 }
 BAB V
KOEFISIEN KORELASI

Covarian AB ∑{(RBi−ŘA)(RBi−ŘB)Pi}
Koefisien Korelasi = =
σA σB σA σB

No Covarian Koefisien Korelasi

1 AA 1,02525636
2 AB 0,734755085
3 AC 2,165847672
4 AD 0,723882125
5 AE 0,05163148
6 BB 1,38376611
7 BC 5,757451994
8 BD 0,74849059
9 BE 0,288219961
10 CC 0,05949736
11 CE -0,425534708
12 CD 0,049768465
13 DD 0,99980928
14 DE 0,02158151
15 EE 0,25194268
 BAB VI
STANDAR DEVIASI PORTOFOLIO
(RISIKO DAN RETURN/TINGKAT KEUNTUNGAN PORTOFOLIO)
Proporsi investasi untuk kelima sekuritas tersebut adalah :

PORTOFOLIO PORTOFOLIO PORTOFOLIO PORTOFOLIO PORTOFOLIO

1 2 3 4 5
SAHAM
30% 10% 20% 30% 10%
A
SAHAM
10% 20% 30% 10% 30%
B
SAHAM
20% 30% 10% 30% 10%
C
SAHAM
30% 10% 30% 10% 20%
D
SAHAM
10% 30% 10% 20% 30%
E
100% 100% 100% 100% 100%

Perhitungan Risiko Portofolio

Berdasarkan matriks pada BAB IV sebagai berikut:
VC =
AA AB AC AD AE
BA BB BC BD BE
CA CB CC CD CE =
DA DB DC DD DE
{ EA EB EC ED EE }
2,255564 0.6281606 0.423317 0.770865 0.230903
0.6281606 4.165136 1.316255 0.932328 1.5076862
0.423317 1.316255 3.426453 −2.318503 1.138758
0.770865 0.932328 −2.318503 1.93963 0,090633
{ 0.230903 1.5076862 1.138758 0,090633 2.290388 }

Dan data tentang proporsi investasi sekuritas diatas. Selanjutnya, dapat dihitung besarnya
risiko portofolio, menggunakan rumus dibawah ini.

(XA x XA x σAA + XA x XB x σAB + XA x XC x σAC + XA x XD x σAD + XA x XE x σAE

(XB x XA x σBA + XB x XB x σBB + XB x XC x σBC + XB x XD x σBD + XB x XE x σBE
σp= (XC x XA x σCA + XC x XB x σCB + XC x XC x σCC + XC x XD x σCD + XC x XE x σCE
(XD x XA x σDA + XD x XB x σDB + XD x XC x σDC + XD x XD x σDD + XD x XE x σDE
{ (XE x XA x σEA + XE x XB x σEB + XE x XC x σEC + XE x XD x σED + XE x XE x σEE }
Resiko Portofolio 1

0,3 0,3 2,255564 0,20300076 0,3 0,1 0,6281606 0,018844818

0,1 0,3 0,6281606 0,018844818 0,1 0,1 4,165136 0,04165136
0,2 0,3 0,423317 0,02539902 0,2 0,1 1,316255 0,0263251
0,3 0,3 0,770865 0,06937785 0,3 0,1 0,932328 0,02796984
0,1 0,3 0,230903 0,00692709 0,1 0,1 1,5076862 0,015076862
0,323549538 0,12986798

0,3 0,2 0,423317 0,02539902 0,3 0,3 0,770865 0,06937785

0,1 0,2 1,316255 0,0263251 0,1 0,3 0,932328 0,02796984
0,2 0,2 3,426453 0,13705812 0,2 0,3 -2,318503 -0,13911018
0,3 0,2 -2,318503 -0,13911018 0,3 0,3 1,93963 0,1745667
0,1 0,2 1,138758 0,02277516 0,1 0,3 0,090633 0,00271899
0,07244722 0,1355232

0,3 0,1 0,230903 0,00692709

0,1 0,1 1,5076862 0,015076862
0,2 0,1 1,138758 0,02277516
0,3 0,1 0,090633 0,00271899
0,1 0,1 2,290388 0,02290388
0,070401982

Diperoleh besarnya risiko portopolio pertama adalah 0,855447205

Risiko portopolio II

0,1 0,1 2,255564 0,02255564 0,1 0,2 0,6281606 0,012563212

0,2 0,1 0,6281606 0,012563212 0,2 0,2 4,165136 0,16660544
0,3 0,1 0,423317 0,01269951 0,3 0,2 1,316255 0,0789753
0,1 0,1 0,770865 0,00770865 0,1 0,2 0,932328 0,01864656
0,3 0,1 0,230903 0,00692709 0,3 0,2 1,5076862 0,090461172
0,062454102 0,367251684

0,1 0,3 0,423317 0,01269951 0,1 0,1 0,770865 0,00770865

0,2 0,3 1,316255 0,0789753 0,2 0,1 0,932328 0,01864656
0,3 0,3 3,426453 0,30838077 0,3 0,1 -2,318503 -0,06955509
0,1 0,3 -2,318503 -0,06955509 0,1 0,1 1,93963 0,0193963
0,3 0,3 1,138758 0,10248822 0,3 0,1 0,090633 0,00271899
0,43298871 -0,02108459

0,1 0,3 0,230903 0,00692709

0,2 0,3 1,5076862 0,090461172
0,3 0,3 1,138758 0,10248822
0,1 0,3 0,090633 0,00271899
0,3 0,3 2,290388 0,20613492
0,408730392

Diperoleh besarnya risiko portopolio kedua adalah 1,118186164

Risiko portopolio III

0,2 0,2 2,255564 0,09022256 0,2 0,3 0,6281606 0,037689636

0,3 0,2 0,6281606 0,037689636 0,3 0,3 4,165136 0,37486224
0,1 0,2 0,423317 0,00846634 0,1 0,3 1,316255 0,03948765
0,3 0,2 0,770865 0,0462519 0,3 0,3 0,932328 0,08390952
0,1 0,2 0,230903 0,00461806 0,1 0,3 1,5076862 0,045230586
0,187248496 0,581179632

0,2 0,1 0,423317 0,00846634 0,2 0,3 0,770865 0,0462519

0,3 0,1 1,316255 0,03948765 0,3 0,3 0,932328 0,08390952
0,1 0,1 3,426453 0,03426453 0,1 0,3 -2,318503 -0,06955509
0,3 0,1 -2,318503 -0,06955509 0,3 0,3 1,93963 0,1745667
0,1 0,1 1,138758 0,01138758 0,1 0,3 0,090633 0,00271899
0,02405101 0,23789202

0,2 0,1 0,230903 0,00461806

0,3 0,1 1,5076862 0,045230586
0,1 0,1 1,138758 0,01138758
0,3 0,1 0,090633 0,00271899
0,1 0,1 2,290388 0,02290388
0,086859096

Diperoleh besarnya risiko portopolio ketiga adalah 1,056991132

Risiko portopolio IV

0,3 0,3 2,255564 0,20300076 0,3 0,1 0,6281606 0,018844818

0,1 0,3 0,6281606 0,018844818 0,1 0,1 4,165136 0,04165136
0,3 0,3 0,423317 0,03809853 0,3 0,1 1,316255 0,03948765
0,1 0,3 0,770865 0,02312595 0,1 0,1 0,932328 0,00932328
0,2 0,3 0,230903 0,01385418 0,2 0,1 1,5076862 0,030153724
0,296924238 0,139460832

0,3 0,3 0,423317 0,03809853 0,3 0,1 0,770865 0,02312595

0,1 0,3 1,316255 0,03948765 0,1 0,1 0,932328 0,00932328
0,3 0,3 3,426453 0,30838077 0,3 0,1 -2,318503 -0,06955509
0,1 0,3 -2,318503 -0,06955509 0,1 0,1 1,93963 0,0193963
0,2 0,3 1,138758 0,06832548 0,2 0,1 0,090633 0,00181266
0,38473734 -0,0158969

0,3 0,2 0,230903 0,01385418

0,1 0,2 1,5076862 0,030153724
0,3 0,2 1,138758 0,06832548
0,1 0,2 0,090633 0,00181266
0,2 0,2 2,290388 0,09161552
0,205761564

Diperoleh besarnya risiko portopolio keempat adalah 1,00547853

Risiko portopolio V

0,1 0,1 2,255564 0,02255564 0,1 0,3 0,6281606 0,018844818

0,3 0,1 0,6281606 0,018844818 0,3 0,3 4,165136 0,37486224
0,1 0,1 0,423317 0,00423317 0,1 0,3 1,316255 0,03948765
0,2 0,1 0,770865 0,0154173 0,2 0,3 0,932328 0,05593968
0,3 0,1 0,230903 0,00692709 0,3 0,3 1,5076862 0,135691758
0,067978018 0,624826146

0,1 0,1 0,423317 0,00423317 0,1 0,2 0,770865 0,0154173

0,3 0,1 1,316255 0,03948765 0,3 0,2 0,932328 0,05593968
0,1 0,1 3,426453 0,03426453 0,1 0,2 -2,318503 -0,04637006
0,2 0,1 -2,318503 -0,04637006 0,2 0,2 1,93963 0,0775852
0,3 0,1 1,138758 0,03416274 0,3 0,2 0,090633 0,00543798
0,06577803 0,1080101

0,1 0,3 0,230903 0,00692709

0,3 0,3 1,5076862 0,135691758
0,1 0,3 1,138758 0,03416274
0,2 0,3 0,090633 0,00543798
0,3 0,3 2,290388 0,20613492
0,388354488

Diperoleh besarnya risiko portopolio kelima adalah 1,120244073

 Tabel Perhitungan Return Portofolio

Portpfolio 1 Portofolio 2 Portifolio 3 Portofolio 4 Portofolio 5

Saham ∑ Xa . ∑ ∑ Xb . ∑ ∑ Xc . ∑ ∑ Xd . ∑ ∑ Xe . ∑
Xa Xb XC Xd Xe
(Pi.RA) (Pi.RA) (Pi.RB) (Pi.RB) (Pi.RC) (Pi.RC) (Pi.RD) (Pi.RD) (Pi.RE) (Pi.RE)

Saham A
0,3 (0,07%) (0,02%) 0,1 (0,07%) (0,01%) 0,2 (0,07%) (0,01%) 0,3 (0,07%) (0,02%) 0,1 (0,07%) (0,01%)
(Xa)

Saham B
0,1 0,11% 0,01% 0,2 0,11% 0,02% 0,3 0,11% 0,03% 0,1 0,11% 0,01% 0,3 0,11% 0,03%
(Xb)

Saham C
0,2 0,24% 0,05% 0,3 0,24% 0,07% 0,1 0,24% 0,02% 0,3 0,24% 0,07% 0,1 0,24% 0,02%
(Xc)

Saham
0,3 0,09% 0,03% 0,1 0,09% 0,01% 0,3 0,09% 0,03% 0,1 0,09% 0,01% 0,2 0,09% 0,02%
D (Xd)

Saham E
0,1 1,62% 0,16% 0,3 1,62% 0,49% 0,1 1,62% 0,16% 0,2 1,62% 0,32% 0,3 1,62% 0,49%
(Xe)

Return Portofolio 0,23% 0,58% 0,23% 0,40% 0,55%

Risiko Portofolio 0,85% 1,12% 1,06% 1,00% 1,12%

 BAB VII

Kesimpulan :

Berdasar perhitungan yang telah dilakukan, diperoleh koefisien variasi terbesar adalah
saham C (𝐶𝑉𝑐 ) sebesar 31.62003145 dan yang terkecil saham A (𝐶𝑉𝐴 ) sebesar -21.18913853.
ini artinya bahwa bila koefisien variasi suau saham lebih besar dibandingkan dengan
koefisien variasi saham lainnya, maka saham tersebut berisiko. Sebaliknya bila lebih kecil,
maka saham tersebut kurang berisiko.

Berdasarkan perhitungan yang telah kami buat sebaiknya investor menginvestasikan

dananya pada portofolio kelima, alasan mengapa kami memilih portofolio kelima adalah
perolehan hasil yang diperoleh dari investasi (return) yaitu sebesar 0,55% Sejalan dengan
tujuan utama para investor dalam hal mencapai return yang maksimal meskipun perolehan return
pada portofolio kelima tidak maksimum, tetapi masih tergolong investasi yang menghasilkan
return tertinggi.

Setelah mempertimbangkan prospek serta risikonya, memang benar risiko yang diperoleh
tinggi tapi jika dilihat berdasarkan koefisien variasi saham C adalah saham yang berisiko
paling besar dengan hanya melakukan proposi investasi hanya 10% itu mengurangi risiko
pada kerugian dalam investasi. Sebaliknya dalam portofolio kelima proposi investasi pada
saham B dan E masing-masing sebesar 30%, ika dilihat berdasarkan koefisien variasi saham
B dan E memiliki saham yang cenderung tidak berisiko tinggi, sehingga kemungkinan untuk
mendapatkan keuntungna lebih besar dalam berinvestasi.