ESG Funds versus traditional funds: a performance analysis in the brazilian market (from 2021 to 2024)

Autores/as

DOI:

https://doi.org/10.21680/2176-9036.2026v18n2ID44442

Palabras clave:

ESG; investment funds; sustainability; profitability; performance.

Resumen

Purpose: To examines the performance differences between Environmental, Social and Governance (ESG) and traditional funds in the Brazilian market, using risk-adjusted return measures.

Methodology: A quantitative approach was used, with secondary data from the Brazilian Securities Commission on the returns of 3,538 investment funds from 2006 to 2026. The Sharpe Ratio and t-test were applied to address this objective.

Results: In the graphical analysis, ESG funds showed better performance and higher volatility than non-ESG funds. However, the Student’s t-test showed that these differences are not statistically significant. Thus, there is insufficient evidence to say that the two portfolios perform differently in a statistically meaningful way.

 Contributions: This study contributes to the academic and practical debate on sustainable investments, providing insights for investors, fund managers, and policymakers seeking to balance financial returns with socio-environmental responsibility.

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Biografía del autor/a

Júlia Gomes Ramos Abreu, Fluminense Federal University

Bachelor's degree in Accounting from the Fluminense Federal University.

Cíntia de Melo de Albuquerque Ribeiro, Fluminense Federal University

PhD in Sustainable Management Systems from Latec-UFF. Adjunct Professor at the Department of Accounting at the Fluminense Federal University.

Aline Moura da Costa Silva, Fluminense Federal University

PhD in Accounting from the University of Brasilia. Associate Professor at the Department of Accounting at the Fluminense Federal University.

José Paulo Cosenza, Fluminense Federal University

PhD in Accounting and Finance from the University of Zaragoza, Spain. Full Professor at the Department of Accounting at the Fluminense Federal University.

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Publicado

06-07-2026

Cómo citar

Abreu, J. G. R., Ribeiro, C. de M. de A., Silva, A. M. da C., & Cosenza, J. P. (2026). ESG Funds versus traditional funds: a performance analysis in the brazilian market (from 2021 to 2024). REVISTA AMBIENTE CONTÁBIL - Universidade Federal Do Rio Grande Do Norte, 18(2). https://doi.org/10.21680/2176-9036.2026v18n2ID44442

Número

Vol. 18 Núm. 2 (2026): Jul./Dez.

Sección

Sección 7: Internacional (S7)

Licencia

Derechos de autor 2026 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte

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