Dividends Table 2 provides the correlation coefficients between the different indexes. For both the equal-weighted and the value-weighted CRSP index, the correlation between the indexes with and without dividends is .999; the standard deviations for these two indexes are also very close (see Table 1). This suggests that for estimation of beta it is irrelevant whether or not dividend adjusted indexes are used. Therefore, in the interest of saving space, for the remainder of the analysis in this paper only the CRSP indexes with dividends are used