Can you please explain how this formula works? The price series can be converted into a return series by calculating Return_t = (P_t - P_t-1 + Div)/P_t-1. However, when the information is downloaded using the Yahoo! Finance .csv file, the prices are automatically adjusted to include dividends. Hence the name, Adjusted Price. Therefore, it is only necessary to calculate the change in Price divided by the beginning monthly Price to calculate returns: Returnt = (Pt - Pt-1)/Pt-1 a. Open the "2. Calc. Returns" tab of this spreadsheet below. b. Calculate all 60 Holding Period Returns for both SPY and Ford by creating formulas in columns 'E' & 'F'