Do asset correlation websites include total return (dividends + capital gains) when comparing?
This is my go to site for checking correlations - https://www.portfoliovisualizer.com/asset-correlations
However specifically and generally wondering if these sites take into account the total return over a time period. Specific example would be the closed end fund GAM (been around forever with consistent huge year end dividend) and SPY. Shows underperformance for 10 years relative to SPY but is this accurate?
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