E-mini S&P 500 vs E-mini Nasdaq-100
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| ES | NQ | |
|---|---|---|
| Exchange | Chicago Mercantile Exchange | Chicago Mercantile Exchange |
| Contract unit | $50 × S&P 500 Index | $20 × Nasdaq-100 Index |
| Tick size | 0.25 | 0.25 |
| Tick value | $12.50 | $5 |
| One point | $50 | $20 |
| Initial margin | $28,780.40 | $46,415.60 |
| Maintenance margin | $26,164 | $42,196 |
| 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 | NQZ26, roll by 10 Dec 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. |
How they compare
E-mini S&P 500 (ES) and E-mini Nasdaq-100 (NQ) 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 $20 on NQ; ticks are worth $12.50 and $5.
Exchange initial margin is $28,780.40 for ES and $46,415.60 for NQ, a ratio of 0.6 to 1. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break). ES is cash-settled and NQ 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 NQ calculators.
Questions
- What is the difference between ES and NQ?
- They are different markets. One point is worth $50 on ES and $20 on NQ.
- Which needs more margin, ES or NQ?
- Exchange initial margin is $28,780.40 for ES and $46,415.60 for NQ (as of 27 Oct 2026).
- Do ES and NQ trade the same hours?
- Yes.