I'd like to calculate returns for a given mutual fund (in this case, PRWCX from troweprice). When I look at their published performance, it says the Calendar Year Total Returns for 2013 is 22.43% but when I try to calculate that using with a formula (end.price + dividend - start.price)/start.price I get something different.
The price on 12/31/13 is 25.66 (adjusted close is the same), there was a dividend of 1.54 on 12/13/13, the close price on 1/2/13 is 22.56 and the adjusted close is 21.25. If I calculate the return using the close price, I get 0.2056, and if I calculate based on adjusted close, it's 0.28. The fund has an expense ratio of 0.71% (as of 12/31/13) and even if I subtract 0.71% from my results, I don't get anywhere close to 22.43%. Does anyone know what I could be doing wrong?
Also, I'm wondering if someone could tell me how Average Annual Total Return (for say 5 years or 10 years) is calculated.
My goal is to compare returns of this mutual fund to returns based on the S&P500 or individual stocks.