: Does the growth rate of SPY published by morningstar include the dividend yield According to morningstar the growth rate for SPY in 2014 was 13.46%. Does this include the dividend yield of SPY ~1.87% or do we need to add

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That includes the dividend yield.

From Morningstar directly:

Annual Returns

Annual total returns are calculated on a calendar-year and
year-to-date basis. Total return includes both capital appreciation
and dividends. The year-to-date return is updated daily.

For mutual funds, return includes both income (in the form of
dividends or interest payments) and capital gains or losses (the
increase or decrease in the value of a security).

Source: www.morningstar.com/InvGlossary/annual_returns.aspx
And anecdotally:

Although most financial media sources will list 11.74% as the S&P 500
index's return in 2014, an investor reinvesting dividends in the S&P
500 would have theoretically done even better: 14.04%.

Source: seekingalpha.com/article/2791755-2014-s-and-p-500-return