Ottonello, GiorgioEsposito, Andrea2026-03-052026-03-052025-01-242025-01-24http://hdl.handle.net/10362/201004As ESG considerations increasingly influence investors, the market for sustainable investments has expanded dramatically. There is conflicting evidence in the literature about how resilient ESG indices are, especially in recessionary times. This study compares ESG indices with Broad Index benchmarks in the U.S. and Europe using absolute and relative performance measures while accounting for macroeconomic factors. Results indicate that while ESG indices in Europe demonstrate greater resilience, closing performance gaps in challenging circumstances, they consistently underperform in the United States but show modest improvements during crises. For investors taking ESG factors into account, these findings provide insightful information.engESGPerformance analysisEuropeUnited StatesEconomic crisismaster thesis204130930