QBF vs. OBTC

Last updated Jul 14, 2026

QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) and OBTC (Osprey Bitcoin Trust) are both exchange-traded funds - QBF is a Blockchain fund actively managed by Innovator, while OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC). QBF is actively managed, while OBTC is passively managed. Over the past year, QBF returned -44.95% vs -40.81% for OBTC. Their correlation of 0.90 suggests significant overlap in exposure. QBF charges 0.79%/yr vs 0.49%/yr for OBTC.

Performance

QBF vs. OBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Osprey Bitcoin Trust (OBTC). 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 QBF having a -29.00% return and OBTC slightly lower at -29.22%.

QBF

• 1D: -1.99%
• 1M: -4.56%
• 6M: -30.71%
• YTD: -29.00%
• 1Y: -44.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OBTC

• 1D: -2.92%
• 1M: -2.55%
• 6M: -32.17%
• YTD: -29.22%
• 1Y: -40.81%
• 3Y*: 38.89%
• 5Y*: 6.60%
• 10Y*: —

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

QBF vs. OBTC - Yearly Performance Comparison

	2026 (YTD)	2025
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-29.00%	-14.76%
OBTC Osprey Bitcoin Trust	-29.22%	-3.55%

Correlation

The correlation between QBF and OBTC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025	0.90

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

Return for Risk

QBF vs. OBTC — Risk / Return Rank

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

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: 0

OBTC

OBTC Risk / Return Rank: 2
OBTC Sharpe Ratio Rank: 2
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 2
OBTC Martin Ratio Rank: 2

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. OBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Osprey Bitcoin Trust (OBTC). 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	OBTC	Difference
Sharpe ratio: Return per unit of total volatility	-1.66	-0.91	-0.74
Sortino ratio: Return per unit of downside risk	-2.62	-1.30	-1.33
Omega ratio: Gain probability vs. loss probability	0.72	0.86	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.83	-0.10
Martin ratio: Return relative to average drawdown	-1.59	-1.40	-0.19

QBF vs. OBTC - Sharpe Ratio Comparison

The current QBF Sharpe Ratio is -1.66, which is lower than the OBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of QBF and OBTC, 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. OBTC - Drawdown Comparison

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

Drawdown Indicators

	QBF	OBTC	Difference
Max Drawdown Largest peak-to-trough decline	-48.71%	-94.50%	+45.79%
Max Drawdown (1Y) Largest decline over 1 year	-48.71%	-49.62%	+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	-46.93%	-64.65%	+17.72%
Average Drawdown Average peak-to-trough decline	-18.88%	-69.48%	+50.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.31%	29.15%	-0.84%

Volatility

QBF vs. OBTC - Volatility Comparison

The current volatility for Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) is 9.64%, while Osprey Bitcoin Trust (OBTC) has a volatility of 11.40%. This indicates that QBF experiences smaller price fluctuations and is considered to be less risky than OBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBF	OBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.64%	11.40%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	20.82%	35.05%	-14.23%
Volatility (1Y) Calculated over the trailing 1-year period	27.28%	44.94%	-17.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.00%	57.18%	-28.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.00%	76.57%	-47.57%

QBF vs. OBTC - Expense Ratio Comparison

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

Dividends

QBF vs. OBTC - Dividend Comparison

QBF's dividend yield for the trailing twelve months is around 1.95%, while OBTC has not paid dividends to shareholders.

Position	TTM	2025
OBTC Osprey Bitcoin Trust	0.00%	0.00%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	1.95%	1.38%

Frequently Asked Questions

Can I hold both QBF and OBTC in my portfolio?

With a correlation of 0.90, QBF and OBTC 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, QBF or OBTC?

OBTC has higher volatility (11.40%) compared to QBF (9.64%). In terms of maximum drawdown, QBF dropped -48.71% vs OBTC's -94.50%.

Which ETF is better, QBF or OBTC?

On 1-year performance, OBTC leads with -40.81% vs -44.95% for QBF. On fees, OBTC is cheaper at 0.49% per year. On volatility, QBF has been the lower-risk option at 9.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBF or OBTC?

Over the 1-year period, OBTC has performed better with a -40.81% return vs -44.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBF or OBTC?

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

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

QBF has the higher dividend yield at 1.95%, compared with 0.00% for OBTC.

What is the main difference between QBF and OBTC?

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

Which has better risk-adjusted returns?

OBTC currently has the higher Sharpe Ratio (-0.91 vs -1.66), 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.