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This study unveils the portfolio diversification of blue bonds against traditional and digital assets. The traditional assets are conventional stocks, Islamic stocks, and foreign exchange. Meanwhile, the digital assets consist of dirty (Bitcoin and Ethereum) and clean (Ripple and Cardano) cryptocurrencies. We employ Method of Moments Quantile Regression (MMQR) using daily data from August 21, 2023, to October 18, 2024. Focusing on five selected countries that issued blue bonds, our findings reveal as follows: (1) blue bonds serve as diversifiers for both traditional and digital assets. Meaning to say that including blue bonds on the portfolio could maximize the return; (2) blue bonds act as a safe haven and hedge during market turmoil and normal economy, respectively, for Islamic stocks, foreign exchange, and clean cryptocurrencies. Therefore, faith-based and environmentally friendly investors could mitigate the risk by including blue bonds in their investment portfolios. Foreign exchange investors should highly consider blue bonds to be included in the portfolio rather than faith-based investors. Our research provides valuable insights for those who have concerns about environmental and sustainability investment.

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Blue Bonds as the Game Changer for Sustainable Investment: How It Serves Against Traditional and Digital Asset?

  • 会议论文

  • 发表日期：

    2026年

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  • Sheren Susanto,
  • Triasesiarta Nur,
  • Shinta Amalina Hazrati Havidz

摘要

This study unveils the portfolio diversification of blue bonds against traditional and digital assets. The traditional assets are conventional stocks, Islamic stocks, and foreign exchange. Meanwhile, the digital assets consist of dirty (Bitcoin and Ethereum) and clean (Ripple and Cardano) cryptocurrencies. We employ Method of Moments Quantile Regression (MMQR) using daily data from August 21, 2023, to October 18, 2024. Focusing on five selected countries that issued blue bonds, our findings reveal as follows: (1) blue bonds serve as diversifiers for both traditional and digital assets. Meaning to say that including blue bonds on the portfolio could maximize the return; (2) blue bonds act as a safe haven and hedge during market turmoil and normal economy, respectively, for Islamic stocks, foreign exchange, and clean cryptocurrencies. Therefore, faith-based and environmentally friendly investors could mitigate the risk by including blue bonds in their investment portfolios. Foreign exchange investors should highly consider blue bonds to be included in the portfolio rather than faith-based investors. Our research provides valuable insights for those who have concerns about environmental and sustainability investment.