Olympus E-P5 has a 16.0MP Four Thirds (17.3 x 13 mm ) sized CMOS sensor . On the other hand, Nikon 1 AW1 has a 14.0MP 1" (13.2 x 8.8 mm ) sized CMOS sensor and features EXPEED 3A processor.
Below you can see the E-P5 and 1 AW1 sensor size comparison.
As seen above, Olympus E-P5 has a 1.9x Larger sensor area than Nikon 1 AW1. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.