The most profitable Disney princesses are the ones who are white and blonde, a new study has found.

According to a graph created by Dadaviz, the princess who has sold the most merchandise on eBay since May 2013 is Elsa, with a total of $3,397,816 - which is unsurprising, since Frozen has been such a massive hit in recent times.

However, even when Elsa is taken out of the equation it appears that the Caucasian princesses still take the lead, with Cinderella in second place followed by Snow White.

Scroll down for video

Racist pattern? The most profitable Disney princesses are the ones who are white and blonde, a new study has found

Preferences: Even when Frozen's Elsa is taken out of the equation, it appears that the Caucasian princesses still take the lead, with Cinderella in second place followed by Snow White

Even more interestingly, Aladdin's Jasmine and Tiana from The Princess and the Frog - the two non-white princesses in the study - were found to have grossed the least amount in sales.

As Gizmodo points out, the correlation may not be related to hair color and skin tone after all.

Preferences for certain princesses may well be due to the popularity of the movies they are in, rather than the girls' physical appearance.

Indeed, The Princess and the Frog earned much less at the box office than Beauty and the Beast, which may account for Belle's place on the graph in comparison to Tiana.

Unpopular: Tiana from Princess and the Frog (left) and Jasmine from Aladdin (right) - the two non-Caucasian princesses - are shown to have earned the least amount in merchandise sold on eBay

And yet this theory doesn't explain why Jasmine is so far down on the list, even though Aladdin was the fourth top-grossing Disney movie of all time, raking in $504,050,219.