The Risk and Return of Traditional and Alternative Investments Under the Impact of COVID-19

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-10-01 DOI:10.2478/bsrj-2022-0021

Zdravka Aljinović, B. Marasović, T. Milićević

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引用次数: 0

Abstract

Abstract Background: In making investment decisions, asset risk and return are two crucial criteria on which investors base their decision. Objectives: This paper provides risk and return analysis and compares different traditional and alternative investments with special emphasis on the COVID-19 crisis. Assets included in the analysis are stocks, bonds, commodities, real estate, foreign exchange, cryptocurrencies, renewable energy sources, gold, and oil. Methods/Approach: The risk measures of standard deviation, Value at Risk (VaR), Conditional Value at Risk (CVaR), and Sharpe ratio are used to compare the representatives of each asset class. Results: The crisis had the highest impact on the risk of crude oil, renewable energy sources, real estate, and stocks, a slightly lower impact on the risk of commodities and gold, and a very low impact on the risk of bonds, foreign exchange, and cryptocurrencies. The order of assets regarding earning potential during the crisis, compared to the period before the crisis, changed significantly for commodities in a positive way and for gold and bonds in a negative way. Conclusions: This research shows that stocks won against all other assets, including gold and cryptocurrencies, during the COVID-19 crisis. The good features of a new alternative investment – renewable energy sources – with excellent earning potential are shown.

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新冠肺炎影响下传统与另类投资的风险与回报

摘要背景:在进行投资决策时，资产风险和收益是投资者决策的两个重要依据。目的:本文提供风险和回报分析，并比较不同的传统和另类投资，特别强调COVID-19危机。分析中包括的资产包括股票、债券、大宗商品、房地产、外汇、加密货币、可再生能源、黄金和石油。方法/途径:采用标准差、风险价值(VaR)、条件风险价值(CVaR)和夏普比率等风险指标对各资产类别的代表进行比较。结果:此次危机对原油、可再生能源、房地产和股票风险的影响最大，对大宗商品和黄金风险的影响略低，对债券、外汇和加密货币风险的影响很低。与危机前相比，危机期间与盈利潜力相关的资产排序在大宗商品方面发生了显著的积极变化，而黄金和债券方面则发生了显著的消极变化。结论:这项研究表明，在2019冠状病毒病危机期间，股票赢了所有其他资产，包括黄金和加密货币。一种新的替代投资——可再生能源——具有良好的盈利潜力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.