Earnings, dividends and index prices are each indexed to their 1912 Q1 values.
Note that the dividends accumulate after-tax and compound, whereas the price of the index is what it is. These charts do not show the effect of the summation and compounding of dividends received.
click image to enlarge to full size.
source: QVM Group LLC (“Rational Risk“)
based on index data from Robert Shiller
note that the S&P 500 began in 1957
data prior to 1957 is based on best proxies (such as Dow Jones Industrials)