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![Cheytax_1 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1886290407501557760.png) Cheytax Management LLC [@Cheytax_1](/creator/twitter/Cheytax_1) on x XXX followers
Created: 2025-07-25 15:42:05 UTC

You often hear the sell side complain: “The Indonesian ETF is underperforming because only a few big caps move, the rest are dead. It’s the market’s fault, not ours”.

But the data says otherwise.

If you had bought all stocks (includes only liquid names, any day with trading below 100mn IDR is filtered out) equally from 2010 and held to today, the cumulative return would be XXX% vs $IHSG ’s 189%, that’s XXX% alpha.

Sure, you might say “Tapi bang.. drawdownnya.. gila banget..”, yes, the drawdown looks nasty. But the Sharpe tells a different story: $IHSG is 0,498, while the equal weighted return Sharpe is XXXXX.

![](https://pbs.twimg.com/media/Gwtp3VMbYAAkALV.jpg)

XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948770739148247105/c:line.svg)

**Related Topics**
[$ihsg](/topic/$ihsg)
[indonesian rupiah](/topic/indonesian-rupiah)
[liquid](/topic/liquid)
[stocks](/topic/stocks)
[caps](/topic/caps)
[fund manager](/topic/fund-manager)

[Post Link](https://x.com/Cheytax_1/status/1948770739148247105)