HELP! How to compare equity performances vs an index

1st year analyst at a no-name boutique and am tasked with comparing a public company's stock performance to the performance of its respective industry's index. Was not given much other information / guidance.

Any recommendations / advice would be very helpful.

The way I have gone about this is as follows: - (end of month stock price - first day tracking began stock price) / first day tracking began stock price

The index only began tracking for about a year so the first day it began tracking the data is what I mean by "first day tracking began stock price". End of month stock price is the closing price of the last day of the month. I have done this for both the index and the individual stock. I plan on putting these %'s on a line graph.

Is this the right way to go about this? Appreciate any and all help. Thanks.