OBDC vs OCSL: Correlation
Blue Owl Capital Corporation (OBDC) and Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBDC and OCSL?
Over the past 3 years, OBDC and OCSL moved with a correlation of 0.74, which is strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 307.5 %².
Within OBDC's tracked universe of 25 assets, OCSL comes in at #8 by 3-year correlation. The last year tells two different stories: OCSL led by 15.7 percentage points, -10.3% for OBDC against +5.4% for OCSL.
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.
OBDC vs OCSL: side by side
| OBDC (Blue Owl Capital Corporation) | OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -10.3% | +5.4% |
| 5-year return | +34.0% | +5.8% |
| Volatility (ann.) | 19.2% | 21.7% |
| Beta vs S&P 500 | 0.71 | 0.62 |
| Max drawdown (3Y) | -23.9% | -34.2% |
| Market cap | $5.6B | $1.1B |
| P/E (trailing) | 20.1 | 27.0 |
| Dividend yield | 12.62% | 11.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OBDC | OCSL |
|---|---|---|
| 2022 | -9.5% | +3.7% |
| 2023 | +43.5% | +11.3% |
| 2024 | +14.7% | -15.1% |
| 2025 | -7.9% | -6.1% |
| 2026 | -3.4% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBDC and OCSL good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OBDC and OCSL?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.80 over the last year and 0.69 over 5 years.
Is OCSL a good diversifier for OBDC?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/obdc-vs-ocsl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/obdc-vs-ocsl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OBDC correlations · OCSL correlations
