{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,11]],"date-time":"2025-11-11T22:36:17Z","timestamp":1762900577726,"version":"build-2065373602"},"reference-count":36,"publisher":"MDPI AG","issue":"1","license":[{"start":{"date-parts":[[2024,1,12]],"date-time":"2024-01-12T00:00:00Z","timestamp":1705017600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Portuguese Foundation for Science and Technology","award":["UIDB\/00308\/2020","UIDB\/05422\/2020"],"award-info":[{"award-number":["UIDB\/00308\/2020","UIDB\/05422\/2020"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["IJFS"],"abstract":"<jats:p>This paper examines the efficiency of alternative energy equity Exchange-Traded Funds (ETFs) and conventional energy equity ETFs from 2018 to 2020, utilizing a combination of an output-oriented Slack-Based Data Envelopment Analysis (DEA) model and cluster analysis. In the context of an output-oriented DEA model, efficiency is defined as the ability of an ETF to maximize its outputs (annualized average return; environmental, social responsibility, and corporate governance; and net asset value) given a fixed level of inputs (expense ratio and beta). The findings indicate that alternative energy ETFs have the potential for long-term outperformance compared to conventional energy ETFs in terms of efficiency. However, during financial crises, the performance differences between the two types of ETFs diminish, with no significant outperformance observed in either category. The expense ratio and net asset value are identified as key factors influencing the efficiency of both ETF types. Additionally, social and governance metrics have a notably stronger positive impact on conventional energy ETFs relative to alternative energy ETFs, highlighting the increasing significance of these factors in financial asset performance.<\/jats:p>","DOI":"10.3390\/ijfs12010004","type":"journal-article","created":{"date-parts":[[2024,1,12]],"date-time":"2024-01-12T09:24:11Z","timestamp":1705051451000},"page":"4","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["The Efficiency of Alternative and Conventional Energy Exchange-Traded Funds: Are Clean Energy Exchange-Traded Funds a Safer Asset?"],"prefix":"10.3390","volume":"12","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-4045-6101","authenticated-orcid":false,"given":"Carla Oliveira","family":"Henriques","sequence":"first","affiliation":[{"name":"Polytechnic Institute of Coimbra, Coimbra Business School|ISCAC, Bencanta, 3040-316 Coimbra, Portugal"},{"name":"INESCC, Departamento de Engenharia Electrot\u00e9cnica e de Computadores, University of Coimbra, Polo 2, 3030-290 Coimbra, Portugal"},{"name":"CeBER, Faculty of Economics, University of Coimbra, Av. Dias da Silva 165, 3004-512 Coimbra, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6250-1113","authenticated-orcid":false,"given":"Maria Elisabete","family":"Neves","sequence":"additional","affiliation":[{"name":"Polytechnic Institute of Coimbra, Coimbra Business School|ISCAC, Bencanta, 3040-316 Coimbra, Portugal"},{"name":"Centre for Transdisciplinary Development Studies (CETRAD), University of Tr\u00e1s-os-Montes and Alto Douro, 5000-660 Vila Real, Portugal"}]},{"given":"Jo\u00e3o Jorge","family":"Couceiro","sequence":"additional","affiliation":[{"name":"Polytechnic Institute of Coimbra, Coimbra Business School|ISCAC, Bencanta, 3040-316 Coimbra, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2024,1,12]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1016\/j.eneco.2018.03.013","article-title":"To trust or not to trust? A comparative study of conventional and clean energy exchange-traded funds","volume":"72","author":"Alexopoulos","year":"2018","journal-title":"Energy Economics"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"32","DOI":"10.1016\/j.eneco.2018.07.023","article-title":"Measuring the environmental performance of green SRI funds: A DEA approach","volume":"79","author":"Allevi","year":"2019","journal-title":"Energy Economics"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"1078","DOI":"10.1287\/mnsc.30.9.1078","article-title":"Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis","volume":"30","author":"Banker","year":"1984","journal-title":"Management Science"},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"775","DOI":"10.1016\/j.ejor.2013.11.024","article-title":"Constant and variable returns to scale DEA models for socially responsible investment funds","volume":"235","author":"Basso","year":"2014","journal-title":"European Journal of Operational Research"},{"key":"ref_5","doi-asserted-by":"crossref","unstructured":"Basso, Antonella, and Funari, Stefania (2016). DEA Performance Assessment of Mutual Funds, Springer. International Series in Operations Research & Management Science.","DOI":"10.1007\/978-1-4899-7684-0_8"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"91","DOI":"10.1023\/B:PROD.0000012454.06094.29","article-title":"A Metafrontier Production Function for Estimation of Technical Efficiencies and Technology Gaps for Firms Operating Under Different Technologies","volume":"21","author":"Battese","year":"2004","journal-title":"Journal of Productivity Analysis"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"101716","DOI":"10.1016\/j.frl.2020.101716","article-title":"The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China","volume":"38","author":"Broadstock","year":"2021","journal-title":"Finance Research Letters"},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"57","DOI":"10.1111\/j.1540-6261.1997.tb03808.x","article-title":"On Persistence in Mutual Fund Performance","volume":"52","author":"Carhart","year":"1997","journal-title":"The Journal of Finance"},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"429","DOI":"10.1016\/0377-2217(78)90138-8","article-title":"Measuring the efficiency of decision making units","volume":"2","author":"Charnes","year":"1978","journal-title":"European Journal of Operational Research"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"104","DOI":"10.1016\/j.omega.2016.12.008","article-title":"Efficiency of well-diversified portfolios: Evidence from data envelopment analysis","volume":"73","author":"Choi","year":"2017","journal-title":"Omega"},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"267","DOI":"10.1016\/j.jup.2008.11.001","article-title":"Benchmarking Central American water utilities","volume":"17","author":"Corton","year":"2009","journal-title":"Utilities Policy"},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"288","DOI":"10.1016\/j.renene.2020.08.162","article-title":"Crude oil prices and clean energy stock indices: Lagged and asymmetric effects with quantile regression","volume":"163","author":"Dawar","year":"2021","journal-title":"Renewable Energy"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"433","DOI":"10.1111\/jbfa.12523","article-title":"ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did","volume":"48","author":"Demers","year":"2021","journal-title":"Journal of Business Finance & Accounting"},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jfineco.2014.10.010","article-title":"A five-factor asset pricing model","volume":"116","author":"Fama","year":"2015","journal-title":"Journal of Financial Economics"},{"key":"ref_15","first-page":"490","article-title":"ESG ratings and financial performance of exchange-traded funds during the COVID-19 pandemic","volume":"12","author":"Pashang","year":"2020","journal-title":"Journal of Sustainable Finance & Investment"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"457","DOI":"10.1016\/j.ejor.2011.02.001","article-title":"A taxonomy and review of the fuzzy data envelopment analysis literature: Two decades in the making","volume":"214","author":"Emrouznejad","year":"2011","journal-title":"European Journal of Operational Research"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"341","DOI":"10.1007\/s10479-021-04323-6","article-title":"Assessing the performance of exchange traded funds in the energy sector: A hybrid DEA multiobjective linear programming approach","volume":"313","author":"Henriques","year":"2022","journal-title":"Annals of Operations Research"},{"key":"ref_18","first-page":"389","article-title":"The performance of mutual funds in the period 1945\u20131964","volume":"23","author":"Jensen","year":"1968","journal-title":"The Journal of Finance"},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"118729","DOI":"10.1016\/j.jclepro.2019.118729","article-title":"Sustainability efficiency assessment of wastewater treatment plants in China: A data envelopment analysis based on cluster benchmarking","volume":"244","author":"Jiang","year":"2020","journal-title":"Journal of Cleaner Production"},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"127006","DOI":"10.1016\/j.jclepro.2021.127006","article-title":"Are clean energy assets a safe haven for international equity markets?","volume":"302","author":"Kuang","year":"2021","journal-title":"Journal of Cleaner Production"},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"535","DOI":"10.1016\/j.eneco.2018.12.008","article-title":"Are alternative energies a real alternative for investors?","volume":"78","year":"2019","journal-title":"Energy Economics"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"408","DOI":"10.1016\/S0377-2217(96)00356-6","article-title":"Efficiency of mutual funds and portfolio performance measurement: A non-parametric approach","volume":"98","author":"Murthi","year":"1997","journal-title":"European Journal of Operational Research"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"180","DOI":"10.1016\/j.jbankfin.2013.12.016","article-title":"Socially responsible funds and market crises","volume":"48","author":"Nofsinger","year":"2014","journal-title":"Journal of Banking & Finance"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"102051","DOI":"10.1016\/j.frl.2021.102051","article-title":"ESG ETFs and the COVID-19 stock market crash of 2020: Did clean funds fare better?","volume":"44","author":"Pavlova","year":"2022","journal-title":"Finance Research Letters"},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"3302","DOI":"10.1016\/j.jbankfin.2012.07.018","article-title":"Best-performing US mutual fund families from 1993 to 2008: Evidence from a novel two-stage DEA model for efficiency decomposition","volume":"36","author":"Premachandra","year":"2012","journal-title":"Journal of Banking & Finance"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"119","DOI":"10.1086\/294846","article-title":"Mutual Fund Performance","volume":"39","author":"Sharpe","year":"1966","journal-title":"The Journal of Business"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"101729","DOI":"10.1016\/j.frl.2020.101729","article-title":"COVID-19 and safer investment bets","volume":"36","author":"Singh","year":"2020","journal-title":"Finance Research Letters"},{"key":"ref_28","doi-asserted-by":"crossref","unstructured":"Tian, Guangdong, Zhang, Lele, Fathollahi-Fard, Amir, Kang, Qi, Li, Zhiwu, and Wong, Kuan (2023). Addressing a collaborative maintenance planning using multiple operators by a multi-objective Metaheuristic algorithm. IEEE Transactions on Automation Science and Engineering, 1\u201313.","DOI":"10.1109\/TASE.2023.3269059"},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"498","DOI":"10.1016\/S0377-2217(99)00407-5","article-title":"A slacks-based measure of efficiency in data envelopment analysis","volume":"130","author":"Tone","year":"2001","journal-title":"European Journal of Operational Research"},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"1002","DOI":"10.1007\/s10957-014-0626-3","article-title":"How to Deal with Non-Convex Frontiers in Data Envelopment Analysis","volume":"166","author":"Tone","year":"2015","journal-title":"Journal of Optimization Theory and Applications"},{"key":"ref_31","doi-asserted-by":"crossref","unstructured":"Tsolas, Ioannis E. (2019). Utility exchange traded fund performance evaluation. A comparative approach using grey relational analysis and data envelopment analysis Modelling. International Journal of Financial Studies, 7.","DOI":"10.3390\/ijfs7040067"},{"key":"ref_32","doi-asserted-by":"crossref","unstructured":"Tsolas, Ioannis E. (2022). Performance Evaluation of Utility Exchange-Traded Funds: A Super-Efficiency Approach. Journal of Risk and Financial Management, 15.","DOI":"10.3390\/jrfm15070318"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"51","DOI":"10.1007\/s12351-015-0169-x","article-title":"Green exchange-traded fund performance appraisal using slacks-based DEA models","volume":"15","author":"Tsolas","year":"2015","journal-title":"Operational Research"},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"2263","DOI":"10.1016\/j.eswa.2011.07.118","article-title":"Fuzzy data envelopment analysis: A discrete approach","volume":"39","author":"Emrouznejad","year":"2012","journal-title":"Expert Systems with Applications"},{"key":"ref_35","doi-asserted-by":"crossref","unstructured":"Zhang, Xuesong, Zhou, Hao, Fu, Chenxi, Mi, Menghan, Zhan, Changshu, Pham, Duc, and Fathollahi-Fard, Amir (2023). Application and planning of an energy-oriented stochastic disassembly line balancing problem. Environmental Science and Pollution Research, 1\u201315.","DOI":"10.1007\/s11356-023-27288-4"},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"64","DOI":"10.1016\/j.ejor.2017.08.008","article-title":"Evaluating the dynamic performance of energy portfolios: Empirical evidence from the DEA directional distance function","volume":"269","author":"Zhang","year":"2018","journal-title":"European Journal of Operational Research"}],"container-title":["International Journal of Financial Studies"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2227-7072\/12\/1\/4\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T13:45:43Z","timestamp":1760103943000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2227-7072\/12\/1\/4"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,1,12]]},"references-count":36,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2024,3]]}},"alternative-id":["ijfs12010004"],"URL":"https:\/\/doi.org\/10.3390\/ijfs12010004","relation":{},"ISSN":["2227-7072"],"issn-type":[{"type":"electronic","value":"2227-7072"}],"subject":[],"published":{"date-parts":[[2024,1,12]]}}}