MSDL vs OBDC: Correlation
Morgan Stanley Direct Lending Fund (MSDL) and Blue Owl Capital Corporation (OBDC) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSDL and OBDC?
Across a 3-year window, the weekly returns of MSDL and OBDC correlate at 0.56, moderate. The link has tightened recently: the 1-year correlation (0.80) runs above the 3-year figure (0.56). Stretching to 5 years gives n/a, with an annualized covariance of 232.7 %².
OBDC is one of the assets that tracks MSDL most closely: it ranks #2 out of the 13 assets we track against MSDL. On 12-month performance MSDL holds a 7.6-point edge, -2.7% 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.
MSDL vs OBDC: side by side
| MSDL (Morgan Stanley Direct Lending Fund) | OBDC (Blue Owl Capital Corporation) | |
|---|---|---|
| 1-year return | -2.7% | -10.3% |
| 5-year return | n/a | +34.0% |
| Volatility (ann.) | 21.2% | 19.2% |
| Beta vs S&P 500 | 0.57 | 0.71 |
| Max drawdown (3Y) | -29.7% | -23.9% |
| Market cap | $1.3B | $5.6B |
| P/E (trailing) | 22.2 | 20.1 |
| Dividend yield | 12.45% | 12.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSDL | OBDC |
|---|---|---|
| 2022 | – | -9.5% |
| 2023 | – | +43.5% |
| 2024 | – | +14.7% |
| 2025 | -10.9% | -7.9% |
| 2026 | -1.1% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSDL and OBDC good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MSDL and OBDC?
The MSDL/OBDC correlation stands at 0.56 on a 3-year window (1 year: 0.80, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is OBDC a good diversifier for MSDL?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/msdl-vs-obdc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msdl-vs-obdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MSDL correlations · OBDC correlations
