Quintiles are created every month based on adjusted scores: Industry-adjusted ESGs scores are size-adjusted and quintiles are created per region (North America, Europe and Pacific sub-indexes of the MSCI World Index). The next month’s performance (in local return) of the quintiles is calculated. The graph shows the cumulative difference between the top and bottom quintiles’ performance. Data from Dec. 29, 2006, to Dec. 29, 2023. Source: MSCI ESG Research