WAM Poor Performance over last 5 year, page-19

WAM capital growth should be tracking XAO while WAM capital growth with dividend should be compared with XAOA. In the above graph I stated clearly that it doesn't include dividend and hence no need to compare with XAOA. So comparison above is apple to apple as both doesn't include dividend consideration and only talk about capital growth.

Another thing to note that "The All Ordinaries Total Return Index (XAOA) includes all cash dividends reinvested on the ex-dividend date (excluding franking credits)." so basically XAOA is for dividend re-investment purpose only and not those who are taking dividend to live retirement so absolutely garbage to use XAOA if you want this tool to be used for retiree who take out dividend with franking credit.