This is the index without factoring in the reinvestment of dividends.
The price index has gone from a little less than 18 in 1928 to more than 3,800 by the end of 2022. That is good enough for a total return of more than 21,500% or an annualized 5.8% per year.
Pretty good right?
What if we factored in reinvested dividends for a total return number?
This gets us from 5.8% per year to 9.9% annually over the past 95 years of data.