I know that stock data (OHLC) usually includes two closing prices - Close and Adjusted Close. My understanding is that Adjusted Close is used to calculate returns. It adjusts the raw Close price to account for corporate actions of splits in the share price and dividends. Analysis should generally be based on returns and not prices.
My question is regarding the dividends. If I use the Adjusted Close price and calculate the 1-year return, say from 2019-01-01 through 2019-12-31 would this be the same thing as the return that I would get re-investing the dividends immediately when received? Or is this different, and just the return I would get from holding the shares and pocketing the dividend?