[erl]

It should be noted that the chart shows s&p 500 which does not include dividends. Real returns are higher when dividends are accounted for.

[BeetleB]

Indeed. Reinvestment of dividends makes a big difference. I made similar plots here:

http://blog.nawaz.org/posts/2015/Dec/pay-down-mortgage-or-in...

[FabHK]

Note that they do include dividends though, according to the legend. So probably using the total return or net total return index.

[erl]

Indeed, I stand corrected. I missed that part. I thought the returns were too low to include dividends, but that must me the inflation adjustment tricking me.

[FabHK]

Very good point.

While there are total return (i.e. with dividends re-invested) and net total return (i.e. with dividends partially re-invested, as if after tax) versions of the S&P 500, they're almost never quoted.

The German DAX is the only major index I can think of that's primarily quoted as a total return index.