Investment Strategies in Covid-19 Pandemic: Comparative Analysis of Stock Investment Performance in the SETTHSI Index and the SET100 Index Utilizing Dollar Cost Averaging (DCA), Lump Sum (LS), and Value Averaging (VA) Strategies

บทคัดย่อ

This study aims to compare the effectiveness of three strategies—DCA, LS, and VA—within the SETTHSI and SET100 indices for the period spanning 2020 to 2022. The evaluation will be conducted with a one-year investment horizon, utilizing both the Investment Rate of Return (IRR) and Sharpe ratio to assess returns, and standard deviation to gauge risk. The simulation approach involves evaluating portfolio performance, which includes stocks from both SETTHSI and SET100, using these three strategies over a 12 month time frame for three consecutive years. This results in a comprehensive analysis of 6 portfolios. The findings reveal that during 2020-2022, investing in SET100 stocks, which are characterized by their large size, outperformed SETTHSI, which focuses on sustainable stocks. Furthermore, the study demonstrates that utilizing the VA strategy proves to be the most effective approach for achieving an average return when investing in stocks from both the SETTHSI and SET100 indices. While LS investments may be perceived as carrying lower risk, particularly for short-term investments. Investors may want to consider choosing the VA strategy over LS and DCA as their short-term trading strategy and investing in large-cap stock, especially if they are inclined toward crisis investment.