Olympus TG-5 has a 12.0MP 1/2.3" (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features TruePic VIII processor. On the other hand, Canon SX730 HS has a 20.3MP 1/2.3" (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features Digic 6 processor. Canon SX730 HS's sensor provides 8.3MP more than Olympus TG-5's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
Below you can see the TG-5 and SX730 HS sensor size comparison.
Olympus TG-5 and Canon SX730 HS have sensor sizes so they will provide same level of control over the depth of field when used with same focal length and aperture. On the other hand, since Olympus TG-5 has 68% larger pixel area compared to Canon SX730 HS, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.