The focus of investing responsible and using the ESG-criteria’s (environmental, social, and governance) has increased over the past years. Also, rapid climate change has worked as a stimulant for the development of more green investing alternatives. Previous research has shown that socially responsible investing options, in many cases, have managed better during crisis or market downturns, meaning that they have outperformed conventional funds.Research has been done on global funds, US funds, and other countries like France, Germany,and Japan. The purpose of this thesis is to study the performance of European green funds under different market conditions. We have examined the period from 1/1/2008 to 30/6/2020. The period was analyzed as a full period for the whole sample and then divided into five subsamples. The first sub-sample was the financial crisis in 2008. The second is a non-crisis period from the crisis of 2008 until the debt crisis in the Eurozone 2011. The third was the period of the debt crisis in the Eurozone 2011. The fourth was another non-crisis period. This non-crisis period was from the end of the debt crisis in the Eurozone 2011 to the covid-19 crisis in 2020. The last (fifth) sub-sample was the period of the Covid-19 crisis in 2020. It was studied if the green funds performed better than the conventional funds during crisis and non-crisis periods by measuring the portfolios abnormal returns. The data came from 386 conventional funds and 112 green funds that were active during the whole analyzed period and had a geographical focus on Europe. To estimate the excess return of the portfolios, the alpha from CAPM, Jensen’s Alpha, and the 3-factor model was used. Since we experienced problems with non-normality and heteroscedasticity, we used Huber White’s robust standard errors when conducting the regressions. All tests were conducted in excel. The results show that green funds do perform better than conventional funds during crisis and non-crisis periods.