CHART OF THE DAY: By one measure, the Dow is already at a new all-time high

• The Dow Jones Industrial Average has just notched an all-time high on a total return basis, according to Bespoke.
• Measuring performance via the total return basis includes dividend payments in the calculation.
• Meanwhile, the S&P 500 is less then 1% away from hitting an all-time high on a total return basis.

Our Chart of the Day is from Bespoke, which shows that the Dow Jones Industrial Average just jumped to an all-time high on a total-return basis.

Measuring stock market performance via the total-return basis includes dividend payments in the calculation. The performance measure is meant to accurately reflect the performance an investor would receive if they held onto the asset.

"For those that did not want to acknowledge a new bull market when the major US equity indices first rose 20% off their late 2022 lows, it's hard to ignore new all-time highs!" Bespoke told clients in a Monday note.

Year to date, the Dow Jones Industrial Average is up 12.0% on a total return basis, and is up 9.7% on a price change basis, according to data from YCharts. The jump to record highs for the Dow comes as the broader S&P 500 hit new 52-week highs.

In fact, the S&P 500 is just 1 percentage point away from notching an all-time high on a total return basis, according to Bespoke.

On a price basis, the S&P 500 is about 4% below its all-time closing high reached in January 2022. Meanwhile, the Dow is 1.2% below its record on a price basis.