I posted in February a blog on E-M5 dynamic range. At that time it was about jpeg images. Now we have two popular and well known converters supporting E-M5, which enabled me to take another look with raw files. These converters are Lightroom 4.1 (Release Candidate 2) and CaptureOne 6.4.
This graph shows the same E-M5 and E-P3 dynamic ranges (orange and red) for jpeg images as shown in my previous blog. They are actually measured from raw files converted into jpegs in Olympus Viewer 2. This software emulates in camera jpeg process, which means I can tweak the jpegs to show optimal jpeg quality.
Blue and green lines show what can be achived from E-M5 and E-P3 raw files. I opened raw files into Lightroom and CaptureOne and measured dynamic ranges at various ISOs. Both software showed almost the same numbers for E-M5. With E-P3 there was slight variation at some ISOs but there was no trend in favor of either software. What you can see here is the average performance of these software. The biggest and maybe most important difference was for E-M5 at ISO 200. With Lightroom I was able to read a 12.6 EV dynamic range and with CaptureOne it was 12.0EV. At ISO 400 they both gave the same 12EV.
When you look at this graph, please do not take exact numbers too seriously. Look at trends E-M5 versus E-P3 and raw versus jpeg. While saying that I think it is no mistake to have E-P3 dynamic range at 10EV, which is the same as DxO Mark result for the same camera. Also two well respected software giving practically same numbers (sans ISO 200) for E-M5 should be no mistake either.
I have now shot a few thousand images with E-M5. Those images show the same trend in real life situations compared to E-P3 as this graph.