OBDC vs SPY: Correlation
Blue Owl Capital Corporation (OBDC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBDC and SPY?
On 3 years of weekly data the OBDC/SPY correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.53 over 3. The 5-year figure is 0.58, and annualized covariance runs at 147.4 %².
By 3-year correlation, SPY places #17 of the 25 assets tracked against OBDC. The last year tells two different stories: SPY led by 30.9 percentage points, -10.3% for OBDC against +20.6% for SPY.
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 SPY: side by side
| OBDC (Blue Owl Capital Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.3% | +20.6% |
| 5-year return | +34.0% | +82.4% |
| Volatility (ann.) | 19.2% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -23.9% | -18.8% |
| Market cap | $5.6B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 12.62% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | OBDC | SPY |
|---|---|---|
| 2022 | -9.5% | -18.2% |
| 2023 | +43.5% | +26.2% |
| 2024 | +14.7% | +24.9% |
| 2025 | -7.9% | +17.7% |
| 2026 | -3.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBDC and SPY good diversifiers for each other?
To a limited degree. At 0.53 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 OBDC and SPY?
As of 2026-08-27, the correlation of weekly returns between OBDC and SPY is 0.53 over 3 years, 0.53 over 1 year and 0.58 over 5 years.
Is SPY a good diversifier for OBDC?
To a limited degree. At 0.53 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 0.53 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.
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Related comparisons
Hubs: OBDC correlations · SPY correlations
