Article
ES vs SPY vs NQ: Futures and ETFs Compared
How ES, SPY, NQ and QQQ relate: what each tracks, contract size and tick value, trading hours, and how to carry levels from one to another.
ES and SPY both follow the S&P 500. NQ and QQQ both follow the Nasdaq-100. Traders use them side by side, draw a level on one and act on another, and the details that differ are size, hours and price scale. This page lays those out so levels carry across cleanly.
What each one tracks
- ES: E-mini S&P 500 futures on CME, quarterly expiries.
- SPY: SPDR S&P 500 ETF, priced near one tenth of the index.
- NQ: E-mini Nasdaq-100 futures on CME, quarterly expiries.
- QQQ: Invesco QQQ Trust, tracking the Nasdaq-100 at a ratio that drifts slowly.
Size and tick value
One ES point is $50 and one NQ point is $20. A one-point move in SPY is $1 per share. Micro contracts, MES at $5 per point and MNQ at $2, make the futures accessible with smaller accounts. Futures need margin and can lose more than the margin posted.
Hours
CME equity index futures trade Sunday 6:00 pm to Friday 5:00 pm ET with a one-hour break each day at 5:00 pm. SPY and QQQ trade 9:30 am to 4:00 pm ET in the regular session, with pre-market and after-hours at most brokers. Overnight moves show up in futures first and in the ETFs as a gap. QQQ's own sessions are in QQQ Trading Hours: Regular, Extended and Options Hours.
Carrying a level across
ES trades at a premium or discount to the cash index that reflects interest rates and dividends to expiry, and that basis shrinks toward expiry. To move an ES level to SPY, take the ratio of SPY to ES at a fixed moment, such as the regular open, and apply it to the level. Recompute after each roll. The same method works for NQ and QQQ.
Which one to trade
- Futures: near round-the-clock access and capital efficiency, with leverage that cuts both ways.
- ETFs: share-level sizing, options markets, and simple tax and account setup at most brokers.
- Many traders read futures for overnight structure and execute in the ETF, or the reverse.
Keep both on one screen
MyLinedChart can split the chart into panes, so ES and SPY, or NQ and QQQ, sit side by side with the levels you drew on each. Drawn levels export with their exact prices, which makes the ratio check above a spreadsheet step instead of guesswork. Educational only.
FAQ
Is NQ the same as SPY?
No. NQ follows the Nasdaq-100; SPY follows the S&P 500. The matching pairs are ES with SPY and NQ with QQQ.
How much is one ES point worth?
$50 per point on ES, $5 on MES.
Why do ES and SPY levels not line up exactly?
Futures carry a basis to the cash index, and SPY trades near one tenth of the index. Convert with a ratio taken at a fixed time.
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