Is total return here increase in price + dividends or are the dividends also being reinvested?
Total return reinvests, yes.
Try: https://www.portfoliovisualizer.com/backtest-portfolio?s=y&t...
and turn on or off "Reinvest Dividends" to compare
I remember vaguely a chart of total inflation-adjusted return, including dividends. Forgetting dividends leads some people to be much more pessimistic than they should.
If I can find the dang chart I'll post it.