Summary statistics for the monthly returns, for each of the indexes, are provided in Table 1. The CRSP equal-weighted index, including dividends, has the largest average monthly return (1.845%). This is followed by the Economy Index (1.659%) and the CRSP equal-weighted index, excluding dividends, is not all that different (1.653%). The returns on the other indexes, which are all value-weighted, are significantly lower. This difference in returns is probably due to the higher weight given to large firms in value-weighted indexes and the exclusion of dividends15.