DETERMINAN KINERJA INVESTASI DANA HAJI DI INDONESIA: STUDI EMPIRIS PADA BADAN PENGELOLA KEUANGAN HAJI (BPKH) PERIODE 2018–2024NIM.: 22108030046Novi Tsania Fitriana NIM. 22108030046authorThe fluctuation of BPKH’s ROI (5,31% - 7,22%) amidst rising AUM underlies this research. This Study aims to analyze the relationships between mandatory liquidity, the investment ratio, and total managed funds with ROI for the 2018–2024 period. A quantitative approach utilizing secondary data was employed, with analysis conducted via the Kendall’s Tau-b correlation test. The results indicate that mandatory liquidity has a negative relationship with ROI, whereas the investment ratio and total managed funds exhibit a positive relationship; however, none of these relationships are statistically significant. These findings provide empirical insight into the relationship between internal factors and the investment performance of Hajj funds.332 Ekonomi Keuangan dan Finansial, Ekonomi Biaya dan Pembiayaan2026-07-13UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS EKONOMI DAN BISNIS ISLAMThesis