In today’s world, ESG (Environmental, Social, and Government) ratings are powerful tools that can aid investors and firms to make decisions. These ratings provide insights into a company's environmental impact, social responsibility, and governance practices, which are increasingly important considerations for stakeholders. In this paper, we explore the relationship between ESG ratings and stock indices - namely the effect of the S&P 500 stocks’ ESG ratings returns on the NASDAQ composite index returns over a 10-year time period. ARMA and GARCH models are used to explore the intricacies of ESG ratings trends, and we test for correlation between ESG ratings and NASDAQ stock returns using OLS regression models. We find that there is a low correlation between the two variables, hence insufficient to establish a strong relationship. However, as ESG ratings are a relatively new investment strategy, there are still endless possibilities to be explored and utilized with regards to this topic.