Based on the statistics above, what we notice most is how much better the NOBL index has done since inception, now this is somewhat biased as the SDY index has been in existence for longer and
this includes during the global financial crisis which significantly impacts its results since inception.
Since the 2008 - 09
global financial crisis, a broad array of risky assets,
including commodities, have tended to move in lockstep
during times of panic and heightened uncertainty.
In related research, Viviani, Revelli, and Fall (2015) studied a short history that covers the
global financial crisis, from 2006 to 2012, and concluded that companies with better social responsibility scores,
including those linked to human resources, as provided by Vigeo Eiris, had lower downside risk
during this period based on Value - at - Risk statistics.