QBF vs. DAPP

Last updated Jul 16, 2026

QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) and DAPP (VanEck Digital Transformation ETF) are both Blockchain funds. QBF is actively managed, while DAPP is passively managed. Over the past year, QBF returned -42.59% vs 4.99% for DAPP. A 0.67 correlation means they provide meaningful diversification when combined. QBF charges 0.79%/yr vs 0.52%/yr for DAPP.

Performance

QBF vs. DAPP - Performance Comparison

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

Returns By Period

In the year-to-date period, QBF achieves a -26.78% return, which is significantly lower than DAPP's 12.10% return.

QBF

• 1D: 0.42%
• 1M: -5.67%
• 6M: -32.18%
• YTD: -26.78%
• 1Y: -42.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DAPP

• 1D: 1.48%
• 1M: -16.12%
• 6M: -9.52%
• YTD: 12.10%
• 1Y: 4.99%
• 3Y*: 28.46%
• 5Y*: 0.06%
• 10Y*: —

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

QBF vs. DAPP - Yearly Performance Comparison

	2026 (YTD)	2025
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-26.78%	-14.76%
DAPP VanEck Digital Transformation ETF	12.10%	10.35%

Correlation

The correlation between QBF and DAPP is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.67

The correlation between QBF and DAPP has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

QBF vs. DAPP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

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

DAPP

DAPP Risk / Return Rank: 12
DAPP Sharpe Ratio Rank: 10
DAPP Sortino Ratio Rank: 14
DAPP Omega Ratio Rank: 13
DAPP Calmar Ratio Rank: 10
DAPP Martin Ratio Rank: 10

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QBF vs. DAPP - Risk-Adjusted Trends Comparison

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

	QBF	DAPP	Difference
Sharpe ratio: Return per unit of total volatility	-1.57	0.08	-1.65
Sortino ratio: Return per unit of downside risk	-2.45	0.56	-3.01
Omega ratio: Gain probability vs. loss probability	0.74	1.06	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.88	0.10	-0.98
Martin ratio: Return relative to average drawdown	-1.49	0.19	-1.68

QBF vs. DAPP - Sharpe Ratio Comparison

The current QBF Sharpe Ratio is -1.57, which is lower than the DAPP Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of QBF and DAPP, 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

QBF vs. DAPP - Drawdown Comparison

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

Drawdown Indicators

	QBF	DAPP	Difference
Max Drawdown Largest peak-to-trough decline	-48.71%	-92.61%	+43.90%
Max Drawdown (1Y) Largest decline over 1 year	-48.71%	-48.21%	-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	-45.27%	-43.94%	-1.33%
Average Drawdown Average peak-to-trough decline	-19.03%	-60.93%	+41.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.59%	25.93%	+2.66%

Volatility

QBF vs. DAPP - Volatility Comparison

The current volatility for Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) is 9.81%, while VanEck Digital Transformation ETF (DAPP) has a volatility of 13.91%. This indicates that QBF experiences smaller price fluctuations and is considered to be less risky than DAPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBF	DAPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.81%	13.91%	-4.10%
Volatility (6M) Calculated over the trailing 6-month period	21.02%	45.84%	-24.82%
Volatility (1Y) Calculated over the trailing 1-year period	27.33%	62.36%	-35.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.02%	73.15%	-44.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.02%	72.57%	-43.55%

QBF vs. DAPP - Expense Ratio Comparison

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

Dividends

QBF vs. DAPP - Dividend Comparison

QBF's dividend yield for the trailing twelve months is around 1.89%, while DAPP has not paid dividends to shareholders.

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	1.89%	1.38%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QBF and DAPP in my portfolio?

QBF and DAPP have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBF or DAPP?

DAPP has higher volatility (13.91%) compared to QBF (9.81%). In terms of maximum drawdown, QBF dropped -48.71% vs DAPP's -92.61%.

Which ETF is better, QBF or DAPP?

On 1-year performance, DAPP leads with 4.99% vs -42.59% for QBF. On fees, DAPP is cheaper at 0.52% per year. On volatility, QBF has been the lower-risk option at 9.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBF or DAPP?

Over the 1-year period, DAPP has performed better with a 4.99% return vs -42.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBF or DAPP?

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

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

QBF has the higher dividend yield at 1.89%, compared with 0.00% for DAPP.

What is the main difference between QBF and DAPP?

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

Which has better risk-adjusted returns?

DAPP currently has the higher Sharpe Ratio (0.08 vs -1.57), 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.