Edelen (2004)

Edelen, Roger. "Benchmarking an Environmentally Responsible Investment (ERI) Portfolio." Sierra Club Funds presentation at SRI in the Rockies conference, October, 2004.

Shows that the value-weighted Sierra Club universe, a very restrictive environmental benchmark, outperformed the S&P 500 from Q1:2003 to Q3:2004. This was true even after the universe's risk factors were optimized against the S&P's.