ES vs NQ futures: what each tick is worth, and how they move
ES and NQ are the two busiest US stock index futures. One follows the S&P 500, the other the Nasdaq-100. Comparing them by tick value alone gives you the wrong picture.
The short answer
ES is the E-mini S&P 500 future. It follows about 500 large US companies. Each 0.25 tick is worth $12.50, so one full point is $50.
NQ is the E-mini Nasdaq-100 future. It follows the 100 largest non-financial companies on the Nasdaq, which lean on tech. Each 0.25 tick is worth $5, so one full point is $20.
NQ's tick is worth less, but NQ usually moves many more points. So "NQ is cheaper" isn't the right way to think about it.
This page explains how the two contracts work and tend to move. It isn't a recommendation to trade either one, and it makes no predictions.
Side by side
| ES (E-mini S&P 500) | NQ (E-mini Nasdaq-100) | |
|---|---|---|
| Follows | S&P 500 | Nasdaq-100 |
| Tick size | 0.25 point | 0.25 point |
| Tick value | $12.50 | $5.00 |
| Point value | $50 | $20 |
| Micro version | MES: $1.25 a tick, $5 a point | MNQ: $0.50 a tick, $2 a point |
| Points per typical move | Fewer | Many more (index level is higher) |
| How it tends to move | Steadier of the two | Has tended to swing more |
| Trading hours | About 6 pm–5 pm ET, Sun–Fri, 1-hour daily break | Same |
| Expiry | Quarterly: Mar, Jun, Sep, Dec | Same |
| Exchange | CME | CME |
Specs can change. Check cmegroup.com for current details.
Why tick value alone misleads
The Nasdaq-100 index sits at a much higher number than the S&P 500. So the same percent move covers more points on NQ.
On top of that, the Nasdaq-100 has tended to move more in percent too, because of its tech tilt. Put together, an NQ contract often swings more dollars per day than an ES contract, even with a smaller point value.
The fair comparison is: how many dollars does one contract move over a normal stretch? Not: what is one tick worth?
A worked example
Use made-up but realistic-shaped numbers. Your chart says where the stop goes.
- ES: the stop sits 8 points below entry. 8 × $50 = $400 at risk per contract.
- NQ: the matching level sits 30 points below entry. 30 × $20 = $600 at risk per contract.
Same idea, different risk. If you only want to risk $200, neither full contract fits. The micros might:
- MES: 8 points × $5 = $40 per contract. 5 contracts = $200.
- MNQ: 30 points × $2 = $60 per contract. 3 contracts = $180.
A math example, not a promise. Losses can happen on either contract. Run your own numbers in the futures tick value calculator.
ES: strengths and limits
The good parts:
- Very deep market. One of the most traded futures in the world.
- Broad index. One sector rarely drives it alone.
- Steadier moves than NQ, as a rule.
The limits:
- Big point value. $50 a point adds up fast for a small account.
- Still jumps on news. CPI at 8:30 am ET and Fed days at 2:00 pm ET can move it sharply. See CPI and FOMC days.
NQ: strengths and limits
The good parts:
- Clear tech read. Moves with big tech and growth companies.
- Deep market. Very active, with tight spreads in busy hours.
The limits:
- Fast. Bigger, quicker swings need wider stops.
- Rate-sensitive. Growth stocks often react more to interest-rate news.
- Easy to oversize. The smaller tick value can make it look gentler than it is.
Start from the stop, not the contract. Mark the level that proves you wrong. Measure the distance. Multiply by the point value. If that's more than your planned risk, use a micro or skip the trade. See how much to risk per trade.
Which fits you?
- Want the steadier of the two? ES tends to fit, or MES for a smaller size.
- Comfortable with faster swings? NQ can fit, or MNQ for a smaller size.
- New to futures? Many people learn on micros first, then practice on past charts. See micro vs E-mini futures and futures trading for beginners.
Pick one and learn its rhythm. Switching between them every day makes it hard to learn either.
Common mistakes
- Thinking NQ is "cheaper" because of the tick. It usually moves more dollars per contract.
- Holding both and calling it two ideas. They often move together. That's close to one bigger bet.
- Trading through big news without a plan. Many beginners wait 15 to 30 minutes after a major release.
- Forgetting the roll. Contracts expire every quarter. Know which month you're trading.
Questions
What is the difference between ES and NQ futures?
ES follows the S&P 500 and is worth $50 a point ($12.50 a tick). NQ follows the Nasdaq-100 and is worth $20 a point ($5 a tick). NQ usually moves many more points, so it often swings more dollars per contract.
Is NQ more volatile than ES?
It has tended to be, because the Nasdaq-100 leans on tech and its index level is higher. That's a pattern from the past, not a promise.
What are the micro versions of ES and NQ?
MES is the micro S&P 500 at $1.25 a tick ($5 a point). MNQ is the micro Nasdaq-100 at $0.50 a tick ($2 a point). Each is one-tenth of the full-size contract.
When do ES and NQ futures trade?
Nearly 24 hours, Sunday to Friday, from about 6 pm to 5 pm ET with a one-hour daily break. They expire quarterly in March, June, September and December.
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