Price return and total return: check the benchmark basis
Use a fictional dividend example to distinguish price return from total return.
Price movement and dividend-inclusive returns
Price return measures changes in prices; total return also includes dividends under a specified calculation method. A dividend-inclusive index requires rules for reinvestment and other conventions. Its label alone does not specify taxation or timing.
A price index and a total-return index can represent the same market but remain different series. Rebasing both to 100 does not remove that difference.
Calculate a fictional dividend example
In this fictional teaching example, an asset starts at 100 yen, finishes at 98 and pays a cash dividend of 3 during the period. Price return is 98÷100−1 = −2%. Holding return with the dividend retained as cash, ignoring tax and costs, is (98+3)÷100−1 = +1%.
This is not a real security or index. It does not reproduce a formal index methodology that reinvests dividends during the period. It illustrates why prices alone omit dividend receipts.
Check what adjusted prices mean
An adjusted field may reflect splits only or may also reflect dividends, depending on its specification. Split adjustment does not automatically establish a total-return series.
Using dividend-adjusted prices while separately adding the same cash dividends can double-count them. Match field definitions with dividend accounting before calculating returns.
Align intervals and common dates
Check start and end dates, sampling intervals, currency, fees and taxes for both the strategy and benchmark. Return from initial capital differs from return starting at the first observed account value.
If one series lacks a date, skipping or filling it changes the comparison. Do not silently repair missing dates to create apparent completeness. Identify the original inputs and why a comparison is unavailable.
Read the scope of the public TOPIX comparison
KabuForge’s public course uses a TOPIX price index without dividends. It evaluates relative measures only when benchmark dates fully match account-value observation dates; missing dates make the comparison unavailable.
The chart does not establish dividend-inclusive performance. State the price basis in the caption and avoid equating results with different dividend treatment. Separate general index definitions from the particular series chosen by the course. Related explanations: price-data checks, the Sharpe ratio, transaction costs.
Public sources and limitations
Workflow and display source: public GUI research course (reviewed October 6, 2026). Fictional examples illustrate calculations and are not course results. JPX TOPIX / JPX index methodology.
Public course results are research-only; historical information availability is unverified. Explaining a general definition does not establish full software support. No securities or trades are recommended. Read the disclaimer.
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Applies to: main source candidate (unpublished) · Public source docs/en_US/GUI_RESEARCH_COURSES.md
Reviewed · KabuForge