ode / owed are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. 👇
ode: (noun) a lyric poem with complex stanza forms.
owed: (verb) be obliged to pay or repay. (verb) be indebted to, in an abstract or intellectual sense. (verb) be in debt.
ode: OW·d
owed: OW·d
(Examples are Wikipedia snippets under the CC ShareAlike 3.0 license. Definitions drawn from WordNet.)