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How do I remove the effect of a variable from the output? Say we have a stock market index, I want to know how the index would look if you take away one of the variables. I will have run a regression and know the correlation coefficient, but what I want to do is kind of plot the index without the effect of that variable.

I am working with excel.

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The way to do this is to compute a new index that does not consider the variable you wish to exclude. So the main question now becomes whether there is a strict definition of how the index is computed in the absence of that variable. In the simple case of the index being a weighted average of the constitutent variables etc. then this is straightforward.

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