“In Europe, ESG ETFs improve risk-adjusted performance in utility-maximizing strategies. In the United States, ESG ETFs also enhance returns adjusted for risk in utility-maximizing portfolios during periods of market stress, though this advantage is less evident in more stable market conditions.”

[COMMENTARY] There have been many studies like this, mostly showing similar results.
Does ESG Investing Pay off? Comparing the Performance of ESG and Traditional ETFs Across European and US Markets, by Sandra Tenorio-Salgueiro, Andrea Martínez-Salgueiro, Rubén Lado-Sestayo, Milagros Vivel-Búa, November 25, 2025, Business Strategy and the Environment, USA.