OBTC vs. QBF

Last updated Aug 5, 2026

OBTC (Osprey Bitcoin Trust) and QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) are both exchange-traded funds - OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC), while QBF is a Blockchain fund actively managed by Innovator. OBTC is passively managed, while QBF is actively managed. Over the past year, OBTC returned -36.66% vs -42.28% for QBF. Their correlation of 0.90 means they have usually moved in the same direction. OBTC charges 0.49%/yr vs 0.79%/yr for QBF.

Performance

OBTC vs. QBF - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with OBTC having a -26.66% return and QBF slightly lower at -27.43%.

OBTC

• 1D: 0.95%
• 1M: 4.80%
• 6M: -16.02%
• YTD: -26.66%
• 1Y: -36.66%
• 3Y*: 42.55%
• 5Y*: 5.44%
• 10Y*: —
• ALL TIME*: -6.65%

QBF

• 1D: 0.45%
• 1M: 3.01%
• 6M: -19.69%
• YTD: -27.43%
• 1Y: -42.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -27.57%

*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)
OBTC Osprey Bitcoin Trust	$131.03K	$187.41K	$211.76K
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	$61.34K	$84.88K	$133.05K

OBTC vs. QBF - Yearly Performance Comparison

	2026 (YTD)	2025
OBTC Osprey Bitcoin Trust	-26.66%	-3.55%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-27.43%	-14.76%

Correlation

The correlation between OBTC and QBF is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.90

The correlation between OBTC and QBF has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

OBTC vs. QBF — Risk / Return Rank

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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC Martin Ratio Rank: 3

QBF

QBF Risk / Return Rank: 1
QBF Sharpe Ratio Rank: 0
QBF Sortino Ratio Rank: 0
QBF Omega Ratio Rank: 0
QBF Calmar Ratio Rank: 2
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.

OBTC vs. QBF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.

	OBTC	QBF	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	-1.56	+0.74
Sortino ratio: Return per unit of downside risk	-1.10	-2.43	+1.33
Omega ratio: Gain probability vs. loss probability	0.88	0.74	+0.14
Calmar ratio: Return relative to maximum drawdown	-0.74	-0.87	+0.13
Martin ratio: Return relative to average drawdown	-1.18	-1.39	+0.21

OBTC vs. QBF - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.82, which is higher than the QBF Sharpe Ratio of -1.56. The chart below compares the historical Sharpe Ratios of OBTC 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

OBTC vs. QBF - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than QBF's maximum drawdown of -48.71%. Use the drawdown chart below to compare losses from any high point for OBTC and QBF.

Drawdown Indicators

	OBTC	QBF	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-48.71%	-45.79%
Max Drawdown (1Y) Largest decline over 1 year	-49.62%	-48.71%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-49.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-63.37%	-45.76%	-17.61%
Average Drawdown Average peak-to-trough decline	-69.41%	-20.02%	-49.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.21%	30.54%	+0.67%

Volatility

OBTC vs. QBF - Volatility Comparison

Osprey Bitcoin Trust (OBTC) has a higher volatility of 8.17% compared to Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) at 5.79%. This indicates that OBTC'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

	OBTC	QBF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	5.79%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	33.39%	19.12%	+14.27%
Volatility (1Y) Calculated over the trailing 1-year period	44.92%	27.19%	+17.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.36%	28.64%	+27.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.18%	28.64%	+47.54%

OBTC vs. QBF - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than QBF's 0.79% expense ratio.

Dividends

OBTC vs. QBF - Dividend Comparison

OBTC has not paid dividends to shareholders, while QBF's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025
OBTC Osprey Bitcoin Trust	0.00%	0.00%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	1.90%	1.38%

Frequently Asked Questions

Can I hold both OBTC and QBF in my portfolio?

With a correlation of 0.92, OBTC and QBF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OBTC or QBF?

OBTC has higher volatility (8.17%) compared to QBF (5.79%). In terms of maximum drawdown, OBTC dropped -94.50% vs QBF's -48.71%.

Which ETF is better, OBTC or QBF?

On 1-year performance, OBTC leads with -36.66% vs -42.28% for QBF. On fees, OBTC is cheaper at 0.49% per year. On volatility, QBF has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or QBF?

Over the 1-year period, OBTC has performed better with a -36.66% return vs -42.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or QBF?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.79% for QBF.

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

QBF has the higher dividend yield at 1.90%, compared with 0.00% for OBTC.

What is the main difference between OBTC and QBF?

OBTC is categorized as Cryptocurrency, while QBF is Blockchain. They also come from different issuers: Osprey and Innovator. Their fees differ too: 0.49% for OBTC and 0.79% for QBF.

Which has better risk-adjusted returns?

OBTC currently has the higher Sharpe Ratio (-0.82 vs -1.56), 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.