Summary Ethical investing is well known as socially responsible investing and sustainable investing. Nowadays, Ethics plays an important position in financial performance. Above all, when investors evaluate performance, ethical investment analysis is very important for the company. There are also some benefits when investors invest in ethical organizations for performance. For investors, ethical investing can ensure the safety of their money and an adequate interest rate. On the other hand, for employees, it can offer convenient opportunities in some special offers and training and a suitable salary. For customers, complete service and product details should be made available. For the government, guidelines on taxation, obligations, limitations and trading techniques. According to research on ethical investment performance, it can be seen that business ethics is more than moral values ​​and some principles that determine conduct in business. In particular, it can indicate that businesses use the company for its resources and operation. There are also some factors that will influence the performance of ethical investments. For example, the company's assets, funds and records, conflicts of interest, the company's management and employee practices, and competitive information. On the contrary, there are some companies that have adopted unethical behavior in their practice. And their activities may cause unethical practices and performance. For example, the use of dishonesty and deception, the emotional manipulation of people by exploiting their vulnerabilities, greed to accumulate excessive profits, avoiding sanctions or compensation for wrongdoing. Through discussed these points on and...... half of the document...... from the beginning up to 12.31.1998. Ethics is a dummy variable that takes a value of 0 for funds that invest ethically and 1 for funds that ignore non-financial issues. W is a random disturbance term. The characteristics of the funds are shown in Table 2. These tests represent a comprehensive analysis of the financial performance of these funds over a recent 3-year period and allow us to investigate whether these funds offer investors significantly lower returns than those achievable by investing in a broad market portfolio that is not limited to ethical stock selection. The tests also allow us to compare the performance of ethical funds with similar unethical ones and to study whether fund managers attempt to time the market. Finally, some preliminary analyzes are conducted on what determines the performance of ethical funds. The analysis of the pairs is as follows: