BDCZ vs OBDC: Correlation
Measured on weekly returns over the past three years, ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Blue Owl Capital Corporation (OBDC) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and OBDC?
Across a 3-year window, the weekly returns of BDCZ and OBDC correlate at 0.87, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Stretching to 5 years gives 0.87, with an annualized covariance of 268.9 %².
OBDC is one of the assets that tracks BDCZ most closely: it ranks #2 out of the 49 assets we track against BDCZ. Over the last 12 months BDCZ came out ahead by 6.3 percentage points (-4.0% against -10.3%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BDCZ vs OBDC: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | OBDC (Blue Owl Capital Corporation) | |
|---|---|---|
| 1-year return | -4.0% | -10.3% |
| 5-year return | +29.0% | +34.0% |
| Volatility (ann.) | 16.0% | 19.2% |
| Beta vs S&P 500 | 0.58 | 0.71 |
| Max drawdown (3Y) | -20.8% | -23.9% |
| Market cap | – | $5.6B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 0.00% | 12.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | OBDC |
|---|---|---|
| 2022 | -9.1% | -9.5% |
| 2023 | +25.3% | +43.5% |
| 2024 | +12.2% | +14.7% |
| 2025 | -3.7% | -7.9% |
| 2026 | +0.4% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and OBDC good diversifiers for each other?
No. With a correlation of 0.87, BDCZ and OBDC move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BDCZ and OBDC?
The BDCZ/OBDC correlation stands at 0.87 on a 3-year window (1 year: 0.87, 5 years: 0.87), computed from weekly returns as of 2026-08-27.
Is OBDC a good diversifier for BDCZ?
No. With a correlation of 0.87, BDCZ and OBDC move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 mean?
A reading of 0.87 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-obdc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdcz-vs-obdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BDCZ correlations · OBDC correlations
