In Figure 1.14, we compared the daily rates of return on the adjusted closing prices of SPY with the daily rates of return on the S&P 500 Total Return. Why is that appropriate (instead of, for example, using the rates of return on the S\&P 500 Index)?

Figure 1.14:

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Monthly Deficit (Percent) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 S&P500 Total Return Minus SPY (Scaled) 1995 2000 2005 2010 2015 January 1993 to September 2017