For those who argue stock market indices should be plotted as total return, i.e., with dividends invested, I suggest they also adjust the indexes for inflation to measure their real or true value. Below is a monthly chart of the OMX Iceland All-Share Gross Index (OMXIGI), after taking into account Iceland´s consumer price index. In July, annual inflation was 7.6%. The current one-year or 12-month real return is about -16.4% and has been negative since June of last year, contrasted with the return of the same index without being inflation-adjusted which is around -8.9% over the period and has been negative for the most part since August 2022 (not shown). 

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