I guess, to compare like with like, one is the uplifted value and the other is the uplifted value plus the dividend(s).
So if both show a 10% return and you stuck €100 in originally and got a dividend of €3 from one of them, that’s:
- €110 for the accumulating fund
- €107 plus €3 cash for the distributing fund
Both €110, both +10%
How that takes account of the dividend remaining invested versus being paid out in cash, I don’t know; as other posters have suggested, it must just assume that the dividends weren’t paid out and reflect that position.