E-mini S&P 500 vs DAX Futures
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| ES | FDAX | |
|---|---|---|
| Exchange | Chicago Mercantile Exchange | Eurex Deutschland |
| Contract unit | $50 × S&P 500 Index | €25 × DAX Index |
| Tick size | 0.25 | 1 |
| Tick value | $12.50 | €25 |
| One point | $50 | €25 |
| Initial margin | $28,780.40 | €47,184.50 |
| Maintenance margin | $26,164 | €47,184.50 |
| Settlement | Cash | Cash |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Front contract | ESZ26, roll by 10 Dec 2026 | FDAXZ26, roll by 11 Dec 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | Continuous trading 01:10–22:00 CET/CEST Monday–Friday. On the last trading day the expiring contract stops at 13:00. |
How they compare
E-mini S&P 500 (ES) and DAX Futures (FDAX) are different markets, so there is no exact equivalence between a position in one and a position in the other. What can be compared directly is what a move costs and what the exchange requires you to deposit. One point is worth $50 on ES and €25 on FDAX; ticks are worth $12.50 and €25.
Exchange initial margin is $28,780.40 for ES and €47,184.50 for FDAX; they are set in different currencies, so compare them at today's exchange rate. Their trading hours differ: ES trades on CME time (America/Chicago) and FDAX on Eurex time (Europe/Berlin); the hours pages show both in your time zone. ES is cash-settled and FDAX is cash-settled.
Because a point means something different in each market, risk is best compared in money rather than in points: decide the loss you would accept at your stop, convert it to ticks on each contract, and compare the resulting position sizes with the position-size calculator. The two markets also move by different amounts on a typical day, so the same number of contracts carries different risk.
Size a position on either with the ES calculators or the FDAX calculators.
Questions
- What is the difference between ES and FDAX?
- They are different markets. One point is worth $50 on ES and €25 on FDAX.
- Which needs more margin, ES or FDAX?
- Exchange initial margin is $28,780.40 for ES and €47,184.50 for FDAX (as of 27 Oct 2026).
- Do ES and FDAX trade the same hours?
- No; see each contract’s hours page.