You are arguing against some redditor about whether a covered$-$call strategy generates alpha or not.

The redditor tries to shut you down by posting a link to the $5$ year graph comparing the price movement of SPY $($an ETF that tracks the SP&$500)$ and XYLD $($an ETF that invests in SP&$500$ stocks and uses the covered$-$call strategy$).$

The graph shows that over $5$ years, SPY grew by $39\mathrm{.}80\%,$ while XYLD had a $-22\mathrm{.}39\%$ return.

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That comments gets upvoted, while your previous comment gets completely downvoted.

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However, you know better.

SPY had a $39\mathrm{.}80\%$ excess return over $5$ years, but was paying roughly $2\%$ dividend annually for $5$ years, let's round this to a total $10\%$ dividend over $5$ years. For a total of$,$ let's round up again, $+50\%$ over $5$ years.

XYLD had a $-22\mathrm{.}39\%,$ but was paying $10\%$ dividend annually for $5$ years. For a total of $+28\%$ over $5$ years.

XYLD has a beta $0\mathrm{.}50$

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Use CAPM and calculate the alpha over the $5$ year period $($Just use the data above as if it was $1$ period$)$