近年來，企業不單以獲利為主，更加著重勞資關係、重視環保等價值，企業社會責任（CSR）逐漸受到重視，因而社會責任型投資（Socially Responsible Investment，SRI）因應而生，然而有另一種指數是邪惡指數（ISE Index），緊扣人性另一種需求，例如菸草、酒類、博弈與軍火等。 因此，本文選用Clvrt社會責任指數以及ISE邪惡指數為研究對象，透過報酬率、夏普指標、風險值等，探討其投資績效，再分為多頭市場與空頭市場分析比較，提供給投資人之投資參考。 結果顯示ISE邪惡指數績效高於Clvrt社會責任指數，原因在空頭市場時，ISE邪惡指數之報酬率跌幅較S&P500指數較低。而多頭市場時，ISE邪惡指數的報酬率不但高於S&P500指數，且更高於Clvrt社會責任指數。

In recent years, the firms not only profit-oriented, but also focused on value of labor relations, environmental protection, corporate social responsibility (CSR) pay attention progressively. Therefore, socially responsible investment (SRI) risen, but there was another index was evil index (ISE Index), another demand of humanity, such as tobacco, alcohol, weapons etc. Therefore, this paper selected Clvrt Social Responsibility Index and ISE Index to study projects, through the rate of return, Sharp Ratio, value at risk (VaR) etc., examined its investment performance and analyzed investment performance to investor’s about investment suggestion in bull market and bear market. The result showed that ISE Index higher than Clvrt Social Responsibility Index, because rate of return on ISE Index lower than S&P 500 Index in bear market. However, rate of return on ISE Index not only higher S&P 500 Index, but also more higher than Clvrt Social Responsibility Index in bull market.