NQ vs ES: which to trade
NQ follows the Nasdaq-100, ES follows the S&P 500. Both are CME E-mini futures with a 0.25-point tick, but NQ is worth $20 a point and usually moves more, while ES is worth $50 a point and moves less. Here is what that means for your risk, and how the two move together.
What each one tracks
- NQ, the E-mini Nasdaq-100: the 100 largest non-financial companies on the Nasdaq, heavily weighted to technology. $20 a point, $5 a tick. Micro: MNQ.
- ES, the E-mini S&P 500: 500 large US companies across every sector. $50 a point, $12.50 a tick. Micro: MES.
How much each one moves
NQ's price is several times ES's and it usually moves more in percentage terms, so on most days NQ covers several times as many points. A 10-point move is noise on NQ and a real move on ES.
In dollars per contract the gap is smaller than the points suggest, because an ES point is worth 2.5 times an NQ point. A 10-point NQ stop is $200; a 4-point ES stop is also $200. Compare stops in dollars, not points, with the futures calculator.
Confirmation and divergence
NQ and ES are driven by the same flows most of the day. When NQ breaks to a new high and ES does not follow, many traders treat the breakout as suspect; when both break together, it has confirmation. Relative strength (which index is up more since the open) tells you which side of the market is leading.
QuantLogic records both at the moment of every entry: whether the other index confirmed or diverged from the traded one's latest high or low, and NQ vs ES strength since the open, so you can see whether these matter in your own trades.
Options positioning behind each
ES traders watch gamma levels from S&P 500 (SPX) options, NQ traders from Nasdaq-100 (NDX) options. See gamma exposure explained for what the walls and the flip mean.
Which one to trade
Trade the one whose movement fits your stop and your account, and keep the other on screen as confirmation. If you have traded both, your own results are the best answer: the same setup can work on one and not the other.
Find out which one you actually trade better
Upload your trades or connect Tradovate read-only. QuantLogic splits your NQ and ES results, places every trade on 1-minute context, and shows whether the other index confirmed your entries. Explore the free demo first.
No card needed for the demo. Read-only: QuantLogic never places orders.
Questions
- Is NQ more volatile than ES?
- Usually, yes. The Nasdaq-100 is concentrated in large technology companies, so NQ tends to move more in percentage terms than ES, and because its price is several times higher it moves many more points.
- Is NQ or ES better for beginners?
- Neither is easier in itself. ES moves fewer points and many find it calmer; NQ moves more, so a fixed-point stop is hit more often. Most beginners do better on the micro versions, MNQ or MES, which carry one tenth of the risk.
- Do NQ and ES move together?
- Most of the time. When one makes a new high or low and the other does not, traders call it a divergence and read it as a sign the move lacks support.
More free guides and tools
MNQ vs NQ (and MES vs ES)
Micro or E-mini: tick values, sizing, costs and which one fits your account.
NQ and ES trading hours by session
Asia, London and New York sessions in ET and CT, the daily break and the weekend.
Gamma exposure (GEX) levels explained
Gamma walls, the flip and 0-DTE positioning for NQ and ES traders.
NQ, MNQ, ES and MES tick value calculator
Tick and point values, plus points, ticks and dollars for any trade, with commissions and R multiple.
Educational content, not investment advice. Futures trading involves substantial risk of loss. See the risk disclosure.