Also the article doesn't calculate SPY total return. Dividends-reinvested SPY is very different over long periods of time, I get ~3.46 (versus their 3.01) for

Also the article doesn't calculate SPY total return. Dividends-reinvested SPY is very different over long periods of time, I get ~3.46 (versus their 3.01) for the from-2012 calculation, which is a substantial improvement (and over only 8 years!).