
Shares of Xerox (XRX) have significantly trailed the broader markets in the past two decades. For instance, the S&P 500 Index ($SPX) has surged 340% since September 2003. After adjusting for dividends, the index has returned close to 550%.
In this period, Xerox stock is down 2.5%, while it has returned a paltry 12% if we account for dividends.