DAPP vs. QBF

Last updated Aug 2, 2026

DAPP (VanEck Digital Transformation ETF) and QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) are both Blockchain funds. DAPP is passively managed, while QBF is actively managed. Over the past year, DAPP returned 9.98% vs -42.47% for QBF. Their 0.67 correlation means they have sometimes moved together and sometimes differently. DAPP charges 0.52%/yr vs 0.79%/yr for QBF.

Performance

DAPP vs. QBF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Digital Transformation ETF (DAPP) and Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAPP achieves a 6.65% return, which is significantly higher than QBF's -28.48% return.

DAPP

• 1D: -3.40%
• 1M: -4.60%
• 6M: -2.22%
• YTD: 6.65%
• 1Y: 9.98%
• 3Y*: 30.75%
• 5Y*: -3.48%
• 10Y*: —
• ALL TIME*: -11.19%

QBF

• 1D: -1.89%
• 1M: 1.51%
• 6M: -25.66%
• YTD: -28.48%
• 1Y: -42.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -28.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DAPP VanEck Digital Transformation ETF	$5.30M	$5.85M	$16.14M
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	$57.51K	$91.87K	$133.71K

DAPP vs. QBF - Yearly Performance Comparison

	2026 (YTD)	2025
DAPP VanEck Digital Transformation ETF	6.65%	10.35%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-28.48%	-14.76%

Correlation

The correlation between DAPP and QBF is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.67

The correlation between DAPP and QBF has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

DAPP vs. QBF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DAPP

DAPP Risk / Return Rank: 13
DAPP Sharpe Ratio Rank: 11
DAPP Sortino Ratio Rank: 16
DAPP Omega Ratio Rank: 15
DAPP Calmar Ratio Rank: 11
DAPP Martin Ratio Rank: 11

QBF

QBF Risk / Return Rank: 0
QBF Sharpe Ratio Rank: 0
QBF Sortino Ratio Rank: 0
QBF Omega Ratio Rank: 0
QBF Calmar Ratio Rank: 1
QBF Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DAPP vs. QBF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) and Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF). 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.

	DAPP	QBF	Difference
Sharpe ratio: Return per unit of total volatility	0.01	-1.62	+1.63
Sortino ratio: Return per unit of downside risk	0.48	-2.55	+3.03
Omega ratio: Gain probability vs. loss probability	1.05	0.73	+0.33
Calmar ratio: Return relative to maximum drawdown	0.02	-0.90	+0.92
Martin ratio: Return relative to average drawdown	0.03	-1.45	+1.48

DAPP vs. QBF - Sharpe Ratio Comparison

The current DAPP Sharpe Ratio is 0.01, which is higher than the QBF Sharpe Ratio of -1.62. The chart below compares the historical Sharpe Ratios of DAPP and QBF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DAPP vs. QBF - Drawdown Comparison

The maximum DAPP drawdown since its inception was -92.61%, which is greater than QBF's maximum drawdown of -48.71%. Use the drawdown chart below to compare losses from any high point for DAPP and QBF.

Drawdown Indicators

	DAPP	QBF	Difference
Max Drawdown Largest peak-to-trough decline	-92.61%	-48.71%	-43.90%
Max Drawdown (1Y) Largest decline over 1 year	-48.21%	-48.71%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-58.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.90%	—	—
Current Drawdown Current decline from peak	-46.67%	-46.54%	-0.13%
Average Drawdown Average peak-to-trough decline	-60.79%	-19.89%	-40.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.69%	30.27%	-3.58%

Volatility

DAPP vs. QBF - Volatility Comparison

VanEck Digital Transformation ETF (DAPP) has a higher volatility of 21.95% compared to Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) at 6.30%. This indicates that DAPP's price experiences larger fluctuations and is considered to be riskier than QBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAPP	QBF	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.95%	6.30%	+15.65%
Volatility (6M) Calculated over the trailing 6-month period	47.95%	19.72%	+28.23%
Volatility (1Y) Calculated over the trailing 1-year period	64.80%	27.26%	+37.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.12%	28.70%	+44.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.72%	28.70%	+44.02%

DAPP vs. QBF - Expense Ratio Comparison

DAPP has a 0.52% expense ratio, which is lower than QBF's 0.79% expense ratio.

Dividends

DAPP vs. QBF - Dividend Comparison

DAPP has not paid dividends to shareholders, while QBF's dividend yield for the trailing twelve months is around 1.93%.

Position	TTM	2025	2024	2023	2022	2021
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	1.93%	1.38%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAPP and QBF in my portfolio?

DAPP and QBF have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAPP or QBF?

DAPP has higher volatility (21.95%) compared to QBF (6.30%). In terms of maximum drawdown, DAPP dropped -92.61% vs QBF's -48.71%.

Which ETF is better, DAPP or QBF?

On 1-year performance, DAPP leads with 9.98% vs -42.47% for QBF. On fees, DAPP is cheaper at 0.52% per year. On volatility, QBF has been the lower-risk option at 6.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPP or QBF?

Over the 1-year period, DAPP has performed better with a 9.98% return vs -42.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPP or QBF?

DAPP is cheaper with a 0.52% expense ratio, compared with 0.79% for QBF.

Which ETF pays a higher dividend yield, DAPP or QBF?

QBF has the higher dividend yield at 1.93%, compared with 0.00% for DAPP.

What is the main difference between DAPP and QBF?

They also come from different issuers: VanEck and Innovator. Their fees differ too: 0.52% for DAPP and 0.79% for QBF.

Which has better risk-adjusted returns?

DAPP currently has the higher Sharpe Ratio (0.01 vs -1.62), 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.