Nicole Horta – ESCE, Instituto Politécnico de Setúbal, Portugal

Mariana Chambino – ESCE, Instituto Politécnico de Setúbal, Portugal

Rui Dias – ESCE, Instituto Politécnico de Setúbal, Portugal; Center for Studies and Advanced Training in Management and Economics (CEFAGE), University of Évora, Portugal

Clean energy;
2020 and 2022 events;
Diversification of portfolios


Abstract: The study of the changes between the Energy Fuels Index, S&P Global Clean Energy Index, iShares Global Clean Energy ETF, iShares Global Energy (SWX) ETF, as well as the changes in the prices of crude oil (BRENT), gold (DJ), and natural gas (DG) was deemed extremely relevant given the im­portance and emergence of clean energies in the global landscape, as well as the need to develop more empirical studies, especially confirmative stud­ies on the financial dynamics in these markets. The daily returns under anal­ysis exhibit negative and leptokurtic asymmetry rather than a normal distri­bution. Comparatively, the pre-crisis linkages between the markets for dirty and clean energy are in favor of global portfolio diversification since those low levels of dependence are appropriate to reduce investor exposure to risk. The crude oil market already exhibited a significant effect on the clean ener­gy markets during the Stress subperiod, particularly on the Clean Energy Fuels Index, the iShares Global Clean Energy ETF, and the iShares Global Clean En­ergy (SWX) ETF. It should be highlighted that the clean energy markets have also increased their impact on the markets for gold and dirty energy (crude oil and natural gas). The findings point to an increase in comovements between the examined indices and the events of 2020 and 2022. These results decrease the possibility that clean energy markets will serve as a portfolio diversifica­tion substitute for the gold and dirty energy markets. For investors and finan­cial analysts who are interested in understanding how the various sectors of the energy market interact, these results may also have consequences. These results can enable a more precise forecast of energy market trends and more informed investment decisions by offering a more detailed knowledge of the link between clean and dirty energy prices.

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7th International Scientific Conference – EMAN 2023 – Economics and Management: How to Cope With Disrupted Times, Ljubljana, Slovenia, March 23, 2023, CONFERENCE PROCEEDINGS, published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-69-1, ISSN 2683-4510, DOI:

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Suggested citation
Horta, N., Chambino, M., & Dias, R. (2023). Interconnections between Clean Energy and Traditional Commodities: Analysis of Energy Fuels, S&P Global Clean Energy Index, and Ishares Global Clean Energy ETF Compared to Oil, Gold, and Natural Gas Prices. In V. Bevanda (Ed.), International Scientific Conference – EMAN 2023: Vol 7. Conference Proceedings (pp. 101-116). Association of Economists and Managers of the Balkans.


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