Here is a visual comparison of the S&P vs. S&P total return with a 10% curve thrown in.

Dick Sears comments:

Thank you all very much for helping me find the data for the S&P 500 T.

I'm astonished to discover that what the press has been reporting all these years doesn't include dividends. It's not as if the difference is insignificant. In 2006, the S&P was up 15.79% with and 13.62% without, a difference of more than 200 basis points.

Over the last five years, the difference is more marked (in relative terms), 6.19% per annum vs. 4.32%.

By excluding dividends, the press makes the stock market appear less successful than it is. I'd chalk that up to its anti-business bias if I hadn't discovered how difficult it is to get the return including dividends. S&P does provide it, but not in real time, and probably only once a day and many hours after the market has closed.

For myself, I think I will simply remove the S&P from my GTI website. It doesn't have much meaning for tech stocks anyway.


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