OBDC vs. PJAN
OBDC (Blue Owl Capital Corporation) is a stock, while PJAN (Innovator U.S. Equity Power Buffer ETF - January) is Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect January Series Index. Over the past 5 years, OBDC returned 5.43%/yr vs 8.76%/yr for PJAN. At a 0.45 correlation, their price movements are largely independent.
Performance
OBDC vs. PJAN - Performance Comparison
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Returns By Period
In the year-to-date period, OBDC achieves a -6.89% return, which is significantly lower than PJAN's 4.83% return.
OBDC
- 1D
- 0.09%
- 1M
- -0.71%
- YTD
- -6.89%
- 6M
- -8.67%
- 1Y
- -13.64%
- 3Y*
- 5.28%
- 5Y*
- 5.43%
- 10Y*
- —
PJAN
- 1D
- 0.41%
- 1M
- 0.16%
- YTD
- 4.83%
- 6M
- 5.48%
- 1Y
- 14.36%
- 3Y*
- 12.39%
- 5Y*
- 8.76%
- 10Y*
- —
OBDC vs. PJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OBDC Blue Owl Capital Corporation | -6.89% | -7.87% | 14.69% | 43.51% | -9.48% | 21.99% | -19.52% | 20.00% |
PJAN Innovator U.S. Equity Power Buffer ETF - January | 4.83% | 11.29% | 13.45% | 18.18% | -5.29% | 8.80% | 7.68% | 2.94% |
Correlation
The correlation between OBDC and PJAN is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2019 | 0.45 |
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Return for Risk
OBDC vs. PJAN — Risk / Return Rank
OBDC
PJAN
OBDC vs. PJAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Blue Owl Capital Corporation (OBDC) and Innovator U.S. Equity Power Buffer ETF - January (PJAN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| OBDC | PJAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.19 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.48 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 2.97 | -3.59 |
| Martin ratioReturn relative to average drawdown | -1.03 | 15.67 | -16.70 |
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Drawdowns
OBDC vs. PJAN - Drawdown Comparison
The maximum OBDC drawdown since its inception was -56.07%, which is greater than PJAN's maximum drawdown of -21.25%. Use the drawdown chart below to compare losses from any high point for OBDC and PJAN.
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Drawdown Indicators
| OBDC | PJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.07% | -21.25% | -34.82% |
Max Drawdown (1Y)Largest decline over 1 year | -23.90% | -4.63% | -19.27% |
Max Drawdown (3Y)Largest decline over 3 years | -23.90% | -10.49% | -13.41% |
Max Drawdown (5Y)Largest decline over 5 years | -28.26% | -11.93% | -16.33% |
Current DrawdownCurrent decline from peak | -18.68% | -0.54% | -18.14% |
Average DrawdownAverage peak-to-trough decline | -10.67% | -1.72% | -8.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.20% | 0.88% | +13.32% |
Volatility
OBDC vs. PJAN - Volatility Comparison
Blue Owl Capital Corporation (OBDC) has a higher volatility of 6.58% compared to Innovator U.S. Equity Power Buffer ETF - January (PJAN) at 1.64%. This indicates that OBDC's price experiences larger fluctuations and is considered to be riskier than PJAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OBDC | PJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.58% | 1.64% | +4.94% |
Volatility (6M)Calculated over the trailing 6-month period | 18.87% | 4.89% | +13.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.15% | 5.91% | +17.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.77% | 8.94% | +11.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.06% | 10.59% | +16.47% |
Dividends
OBDC vs. PJAN - Dividend Comparison
OBDC's dividend yield for the trailing twelve months is around 13.42%, while PJAN has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OBDC Blue Owl Capital Corporation | 13.42% | 12.55% | 11.38% | 10.77% | 11.17% | 8.76% | 12.32% | 3.80% |
PJAN Innovator U.S. Equity Power Buffer ETF - January | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OBDC and PJAN have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OBDC has higher volatility (6.58%) compared to PJAN (1.64%). In terms of maximum drawdown, OBDC dropped -56.07% vs PJAN's -21.25%.
PJAN currently has the higher Sharpe Ratio (2.33 vs -0.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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