VentureOne earns 1.25 ppd, BILT Blue earns 1 ppd. But, the value of those points are different. For example, if you use TPG's point valuations from January 2026, Cap1 miles are worth 1.85 cpp, versus 2.2 cpp for BILT. So in theory $1 with Cap1 is worth $0.23125 and $1 with BILT earns $0.022 (slightly less.. also I'm ignoring BILT Cash in this because the value of that is pretty questionable right now depending on your uses).

I would say your best bet is to check out the transfer partners list for both and make a decision based on who you'd want to use (i.e. Hyatt & UA & AS are big standouts for BILT). I'm not sure Cap1 has any that people would consider standouts (at least ones that can't be accessed from a different issuer with better cards/earnings).