Mariana Chambino – Polytechnic Institute of Setúbal, (ESCE/IPS), 2910-761 Setúbal, Portugal

Rui Dias – Polytechnic Institute of Setúbal, (ESCE/IPS), 2910-761 Setúbal, Portugal; Center of Advanced Studies in Management and Economics, University of Évora, 7004-516 Évora, Portugal

Cristina Morais da Palma – Polytechnic Institute of Setúbal, (ESCE/IPS), 2910-761 Setúbal, Portugal

Keywords:                     Clean energy stocks;
Oil prices;
Portfolio diversification


Abstract: This paper analyses whether clean energy stock indexes, name­ly WilderHill Clean Energy, Clean Energy Fuels, and Nasdaq Clean Edge Green Energy indexes, can be considered coverage assets for the dirty ener­gy stock indexes such as the Brent Crude Spot and Euro Stoxx Oil & Gas in­dexes during the events that occurred in 2020 and 2022. The results suggest low levels of integration, which shows that clean energy indexes are isolat­ed. Based on these findings, the clean energy index may offer a better op­portunity to cover oil prices. However, it is important to highlight that mar­ket conditions, transaction costs, and asset performance affect hedge strat­egy returns. Therefore, it is important to carefully assess the potential risks and benefits of any hedge strategy before making investment decisions. In addition, past performance does not guarantee future results, and market conditions can change quickly and unpredictably.

9th International Scientific ERAZ Conference – ERAZ 2023 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, hybrid – online, virtually and in person, Prague, Czech Republic, June 1, 2023

ERAZ Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Logistics, University of Maribor, Maribor (Slovenia); University of National and World Economy – UNWE, Sofia (Bulgaria); Center for Political Research and Documentation (KEPET), Research Laboratory of the Department of Political Science of University of Crete (Greece); Institute of Public Finance – Zagreb (Croatia); Faculty of Tourism and Hospitality Ohrid, University of St. Kliment Ohridski from Bitola (North Macedonia)

ERAZ Conference 2023 Conference Proceedings: ISBN 978-86-80194-72-1, ISSN 2683-5568, DOI:

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License ( which permits non-commercial use, reproduction and distribution of the work without further permission. 

Suggested citation

Chambino, M., Dias, R., & Morais da Palma, C. (2023). Will There Be Dependencies between Oil Prices and Clean Energy Indexes?. In V. Bevanda (Ed.), ERAZ Conference – Knowlegde Based Sustainable Development: Vol 9. Conference Proceedings (pp. 57-65). Association of Economists and Managers of the Balkans.


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