Explainer
ES vs NQ: which to trade
ES tracks the S&P 500 at $50 a point and NQ tracks the Nasdaq-100 at $20 a point; your own test shows which one suits a given set of rules.
Updated
The short answer
ES and NQ are both CME E-mini index futures. ES follows the S&P 500. NQ follows the Nasdaq-100. They differ in dollars per point, in tick value and in the index behind them.
No rule of thumb settles which one to trade. That depends on the rules, the stop size and the costs, and a test on your own rules is how to find out. This page sets out the differences that matter for that test.
- ES
- E-mini S&P 500 futures. $50 per point.
- NQ
- E-mini Nasdaq-100 futures. $20 per point.
- MES, MNQ
- The micro versions of ES and NQ. They roll with their parent contract.
- Tick
- The smallest price move. It is 0.25 points on all four contracts.
The numbers side by side
These are the contract specifications our runs use.
| Contract | Index | Dollars per point | Tick size | Tick value |
|---|---|---|---|---|
| ES | S&P 500 | $50 | 0.25 | $12.50 |
| MES | S&P 500 | $5 | 0.25 | $1.25 |
| NQ | Nasdaq-100 | $20 | 0.25 | $5.00 |
| MNQ | Nasdaq-100 | $2 | 0.25 | $0.50 |
A point on NQ and a point on ES are not the same thing. Compare the two in R or in dollars at risk, never in raw points.
Why points do not compare
Each index has its own level, so one point is a different share of the price on each. And each contract pays a different amount per point. The same 10-point stop is $200 on NQ and $500 on ES.
That is arithmetic, not a result from any run. It means two strategies with the same stop in points are not taking the same risk in dollars. To compare ES and NQ fairly, size each trade by the dollars at risk, or measure the result in R, where 1R is the distance from entry to the initial stop.
Costs
Commissions and fees vary by broker; a backtest should use your own.
Data and history
On our data, ES and NQ both run from June 2, 2016 through August 27, 2026. MES and MNQ run from their launch in May 2019 through the same date.
ES and NQ roll independently, each on the front month by volume. On a few sessions a year (11 of 2,648 so far) they are on different contract months. That matters only to a run that trades both at once. An order can include one contract from each index family, and SMT divergence, an entry option, compares ES and NQ.
What to test
Run the same written rules on both markets and read the trades side by side:
- Use the same commission, the same slippage and the same session on both.
- Compare the trade counts first. A rule can trade at different rates on each.
- Compare the stop sizes in dollars as well as in points.
- Compare drawdown and the longest losing streak in R.
- Look at the held-back months on each, not only the months you built the rules on.
The futures angle
Both markets are available as 1-minute data in the Trade Lab, so you can step through the same day on each and see how the same setup looks. Replay it on real NQ and ES data, free, in the Trade Lab.
Questions and answers
Is NQ more volatile than ES?
It depends on the period and the measure. Rather than rely on a general claim, run the same rules on both and compare the trades, the stop sizes and the drawdown in R.
Which has the higher tick value, ES or NQ?
ES. One tick is $12.50 on ES and $5.00 on NQ. The tick size is 0.25 points on both.
What is the difference between ES and MES?
MES is the micro version of ES. One point is $5 on MES and $50 on ES, and one tick is $1.25 on MES and $12.50 on ES. MES rolls with ES.
Can I backtest the same strategy on ES and NQ?
Yes. Write the rules once and run them on each market with the same costs. Commissions and fees vary by broker; a backtest should use your own.
Do ES and NQ roll on the same dates?
Each rolls on its own rule, the front month by volume, switching at the 18:00 ET session open. On a few sessions a year they are on different contract months.