There are several components that make up long term stock returns (from a macro level):

- Population growth

- Growth in productivity per capita

- Dividends

- Inflation

It used to be that populations were growing and productivity was increasing and dividends were high (becuase PEs were normal). Those days are all over. You can forget about seeing any return above inflation. Population growth has slown to 0.5% (down from about 1.5%+). Productivity per capita is almost 0 for the last 20 years (down from 2% per year for the last 200 years prior). Dividends which used to be 4.5% in the 60s+ and 6%+ at 1900-1950 are now down to about 1.3%.

So, the answer to your question, at least going forward from here is NO, it's mostly just going to be inflation plus 1.3% from dividends. Note, this was not the case for the last 100 years.