Summary Ethical investment is well known as socially responsible investing and sustainable investing. Today, ethics plays an important role in financial performance. Especially, when investors evaluate performance, ethical investment analysis is very important for the company. There are also certain benefits when investors invest in ethical organizations for performance. For investors, ethical investment can ensure the safety of their money and proper interest. On the other hand, for employees, it can provide affordable opportunities in the form of special offers, training and appropriate remuneration. For customers, full details of the service and product must be made available. For the government, guideline regarding taxation, obligations, limits and business techniques. Based on research on ethical investment performance, it appears that business ethics is much more than moral values ​​and certain principles that determine conduct in the business world. In particular, it may indicate that businesses use the company for its resources and operations. Certain factors will also affect the performance of ethical investing. For example, company assets, funds and records, conflicts of interest, practices of company management and employees, and competitive information. On the other hand, some companies have adopted unethical behavior in their practice. And their activities may result in unethical practices and performances. For example, resorting to dishonesty and deception, emotionally manipulating people by exploiting their vulnerabilities, greed to amass excessive profits, avoiding penalty or compensation for an illegal act. These points were discussed in the middle of the document ...... of creation until 31.12.1998. Ethics is a dummy variable taking a value of 0 for funds investing ethically and 1 for funds ignoring non-financial issues. W is a random disturbance term. Fund characteristics 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 determine whether these funds are providing investors with significantly lower returns than those available in investing in a diversified market portfolio that is not limited to the selection of ethical securities. The tests also allow us to compare the performance of ethical funds with similar unethical funds and to study whether fund managers attempt to time the market. Finally, a preliminary analysis on what determines the performance of ethical funds is carried out. Pair analysis as follows: