Ramadan Effect is one type of market anomaly, which is seasonal anomaly which shows a difference in average returns in the month of Ramadan compared to other months in one year. The phenomenon of increasing public consumption in the month of Ramadan is suspected to be a phenomenon that causes returns in Ramadan, especially food and beverages companies that are different from the months outside of Ramadan. Ramadan in Indonesia has a distinctive nature compared to Ramadan in other countries, namely the activity of giving each other food, so that product demand in food and beverages companies also increases. Bialkowski, Etebari, and Wisniewski in Ziemba (2011) examined study stock returns during the month of Ramadan in 14 Muslim countries during the period 1989-2007. They found that stock returns during the month of Ramadan were almost nine times higher than for the rest of the year.

This research method uses the calculation of risk and return portfolio to determine the level of risk and return portfolio of food and beverages companies during the month of Ramadan. Purposive sampling was chosen with the criteria of 3 companies that most actively moved their shares in the food and beverages sector. Data analysis is explained financially.

The results of this study indicate that on a single share of PT Indofood Sukses Makmur Tbk has a return of 0.57% and a risk of 4.82%, in the sole share of PT Ultra Jaya Milk Industry & Trading Tbk has a return of 1.51% and a risk of 1.94%, and in the sole share of PT Sariguna Primatirta Tbk has a return of 5.02% and a risk of 6.18%. When investors put their funds in the three shares with the same weight, the return of the portfolio becomes 2.37% and the risk is 2.83%.