We establish a number of connections between a digital version of Quantum Annealing (QA) with the Quantum Approximate Optimization Algorithm (QAOA) introduced by Farhi et al.(arXiv:1411.4028) as an alternative hybrid quantum-classical variational scheme for quantum-state preparation and optimization. We prove a rigorous bound concerning the performance of QAOA for MaxCut on a 2-regular graph, equivalent to an unfrustrated antiferromagnetic Ising chain, which shows that the optimal variational error of a depth-P quantum circuit is generally bound to be res P ≥ (2P + 2) −1 . In particular, we explicitly demonstrate that among the 2 P degenerate minima which can be found, all strictly satisfying the equality res P = (2P + 2) −1 , there is a special regular optimal solution which can be interpreted as an optimized digital-QA schedule. These findings help elucidating the intimate relation between digital-QA, QAOA, and optimal Quantum Control.