^NDX vs. NQ=F

Last updated Aug 1, 2026

^NDX (NASDAQ 100 Index) is an index, while NQ=F (E-Mini Nasdaq 100 Futures) is an asset. Over the past 10 years, ^NDX returned 19.61%/yr vs 19.62%/yr for NQ=F. Their 0.96 correlation means they have historically moved very closely together.

Performance

^NDX vs. NQ=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ 100 Index (^NDX) and E-Mini Nasdaq 100 Futures (NQ=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^NDX achieves a 11.98% return, which is significantly higher than NQ=F's 11.12% return. Both investments have delivered pretty close results over the past 10 years, with ^NDX having a 19.61% annualized return and NQ=F not far ahead at 19.62%.

^NDX

• 1D: 0.60%
• 1M: -3.60%
• 6M: 10.65%
• YTD: 11.98%
• 1Y: 24.21%
• 3Y*: 21.62%
• 5Y*: 13.58%
• 10Y*: 19.61%
• ALL TIME*: 14.54%

NQ=F

• 1D: 0.17%
• 1M: -4.29%
• 6M: 10.19%
• YTD: 11.12%
• 1Y: 23.61%
• 3Y*: 21.38%
• 5Y*: 13.59%
• 10Y*: 19.62%
• ALL TIME*: 8.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
^NDX NASDAQ 100 Index	$205.94T	$218.36T	$280.11T
NQ=F E-Mini Nasdaq 100 Futures	$17.68B	$16.69B	$17.71B

^NDX vs. NQ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^NDX NASDAQ 100 Index	11.98%	20.17%	24.88%	53.81%	-32.97%	26.63%	47.58%	37.96%	-1.04%	31.52%
NQ=F E-Mini Nasdaq 100 Futures	11.12%	19.93%	24.69%	54.45%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%

Correlation

The correlation between ^NDX and NQ=F is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Sep 18, 2000	0.96

The correlation between ^NDX and NQ=F has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

^NDX vs. NQ=F — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

^NDX

^NDX Risk / Return Rank: 44
^NDX Sharpe Ratio Rank: 39
^NDX Sortino Ratio Rank: 39
^NDX Omega Ratio Rank: 40
^NDX Calmar Ratio Rank: 53
^NDX Martin Ratio Rank: 50

NQ=F

NQ=F Risk / Return Rank: 58
NQ=F Sharpe Ratio Rank: 62
NQ=F Sortino Ratio Rank: 58
NQ=F Omega Ratio Rank: 36
NQ=F Calmar Ratio Rank: 70
NQ=F Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

^NDX vs. NQ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 Index (^NDX) and E-Mini Nasdaq 100 Futures (NQ=F). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	^NDX	NQ=F	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.10	+0.03
Sortino ratio: Return per unit of downside risk	1.61	1.58	+0.04
Omega ratio: Gain probability vs. loss probability	1.20	1.20	0.00
Calmar ratio: Return relative to maximum drawdown	1.80	1.78	+0.02
Martin ratio: Return relative to average drawdown	5.76	5.58	+0.18

^NDX vs. NQ=F - Sharpe Ratio Comparison

The current ^NDX Sharpe Ratio is 1.13, which is comparable to the NQ=F Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of ^NDX and NQ=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

^NDX vs. NQ=F - Drawdown Comparison

The maximum ^NDX drawdown since its inception was -82.90%, roughly equal to the maximum NQ=F drawdown of -78.99%. Use the drawdown chart below to compare losses from any high point for ^NDX and NQ=F.

Drawdown Indicators

	^NDX	NQ=F	Difference
Max Drawdown Largest peak-to-trough decline	-82.90%	-78.99%	-3.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-11.89%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-22.93%	-22.50%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-35.56%	-35.28%	-0.28%
Max Drawdown (10Y) Largest decline over 10 years	-35.56%	-35.28%	-0.28%
Current Drawdown Current decline from peak	-7.78%	-7.90%	+0.12%
Average Drawdown Average peak-to-trough decline	-24.55%	-29.47%	+4.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	3.79%	0.00%

Volatility

^NDX vs. NQ=F - Volatility Comparison

NASDAQ 100 Index (^NDX) and E-Mini Nasdaq 100 Futures (NQ=F) have volatilities of 6.81% and 6.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^NDX	NQ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	6.76%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	15.99%	15.67%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	19.37%	19.23%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.09%	23.10%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.73%	22.59%	+0.14%

Frequently Asked Questions

Can I hold both ^NDX and NQ=F in my portfolio?

With a correlation of 0.98, ^NDX and NQ=F move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^NDX or NQ=F?

^NDX has higher volatility (6.81%) compared to NQ=F (6.76%). In terms of maximum drawdown, ^NDX dropped -82.90% vs NQ=F's -78.99%.

Which has better risk-adjusted returns?

^NDX currently has the higher Sharpe Ratio (1.13 vs 1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.