ES vs NQ: Which Index Futures Contract Should You Trade?
By Kamal Chelliah · Published October 29, 2026 · Last reviewed October 29, 2026
Educational only, not financial advice. Futures trading involves substantial risk of loss and is not suitable for everyone. Past results do not guarantee future results.
ES and NQ are the two most widely traded equity index futures. They often move in the same direction, but they are different markets with different index makeup, point values and personalities. Here is how to compare them.
Side-by-side
| ES (E-mini S&P 500) | NQ (E-mini Nasdaq-100) | |
|---|---|---|
| Index | S&P 500: 500 large U.S. companies across sectors | Nasdaq-100: 100 of the largest non-financial Nasdaq companies, tech-heavy |
| Tick size | 0.25 points | 0.25 points |
| Tick value | $12.50 | $5.00 |
| Dollars per point | $50 | $20 |
| Micro version | MES ($5 per point) | MNQ ($2 per point) |
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Do not compare points directly
NQ trades at a different price level than ES and usually moves more points in a day, but it also has a lower dollar value per point. A 10-point move is $500 on ES and $200 on NQ. What matters for your risk is the dollar value of your stop distance, which you can calculate with the tick value chart.
How they tend to behave
- Index makeup: the S&P 500 is spread across many sectors; the Nasdaq-100 is concentrated in large technology and growth names, so it can react more to tech-specific news.
- Volatility: NQ has commonly shown larger percentage swings than ES, though this changes with market conditions.
- Correlation: the two usually move together, but not always. Don't count a position in each as diversification.
How to choose
- Account size and risk limit: start from the dollar value of your stop, not the contract name. Micros (MES, MNQ) allow finer sizing.
- What you can follow closely: pick the market whose behavior and catalysts you understand.
- Cost per trade: compare commissions, fees and typical slippage for the contract you trade.
- Time and attention: faster-moving markets demand quicker decisions and tighter risk control.
A hypothetical sizing comparison
Hypothetical numbers only. With $200 of risk per trade: a 10-point stop on ES costs $500 per contract, so 1 ES is too large and you would use 4 MES ($5 × 10 × 4 = $200). A 20-point stop on NQ costs $400 per contract, again too large, so you would use 5 MNQ ($2 × 20 × 5 = $200).
The method is the same for both: decide dollar risk, measure the stop, divide. See futures risk management and MNQ vs NQ.
Trade ideas on either market
Published ideas are often expressed in one contract. You can size the same idea in the equivalent contract or micro to fit your own risk. Read how to read a futures trade idea for the framework, or try the format in the free 14-day trial. Ideas are general and not personalized advice.
Frequently asked questions
Is NQ riskier than ES?
NQ has commonly moved more in percentage terms, but risk depends on your position size and stop distance in dollars, which you control.
What is the tick value of ES and NQ?
ES is $12.50 per 0.25-point tick ($50 per point). NQ is $5.00 per 0.25-point tick ($20 per point).
Can I trade both at once?
Yes, but they are highly correlated, so two positions can be closer to one larger bet than two separate ones.
About the author
Kamal Chelliah has traded markets since 2009, starting with penny stocks and moving through major stocks (2012), options (2015), commodities (2017) and futures (2019). With a software engineering background, Kamal builds automated tools and chart indicators for trading analysis, and shares futures trade ideas with their reasoning through TradeSharing. Content is educational and not personalized advice.
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This article is for educational and informational purposes only and is not financial, investment or trading advice. Futures trading involves substantial risk of loss. Hypothetical examples are illustrative and do not represent actual trades or results. Full disclaimer.