ES=F vs. ^N225

Last updated Apr 2, 2026

Compare and contrast key facts about S&P 500 E-Mini Futures (ES=F) and Nikkei 225 (^N225).

Performance

ES=F vs. ^N225 - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 E-Mini Futures (ES=F) and Nikkei 225 (^N225). The values are adjusted to include any dividend payments, if applicable.

ES=F vs. ^N225 - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ES=F S&P 500 E-Mini Futures	-3.99%	16.12%	23.15%	24.84%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%
^N225 Nikkei 225	-0.20%	26.56%	7.17%	19.21%	-20.48%	-5.90%	22.42%	19.73%	-10.20%	23.76%

Different Trading Currencies

ES=F is traded in USD, while ^N225 is traded in JPY. To make them comparable, the ^N225 values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ES=F achieves a -3.99% return, which is significantly lower than ^N225's -0.06% return. Over the past 10 years, ES=F has outperformed ^N225 with an annualized return of 12.35%, while ^N225 has yielded a comparatively lower 8.30% annualized return.

ES=F

• 1D: 0.71%
• 1M: -3.93%
• YTD: -3.99%
• 6M: -2.13%
• 1Y: 16.61%
• 3Y*: 16.94%
• 5Y*: 10.22%
• 10Y*: 12.35%

^N225

• 1D: 0.00%
• 1M: -12.84%
• YTD: -0.06%
• 6M: 6.16%
• 1Y: 35.11%
• 3Y*: 14.74%
• 5Y*: 3.57%
• 10Y*: 8.30%

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

Return for Risk

ES=F vs. ^N225 — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ES=F

ES=F Risk / Return Rank: 41
ES=F Sharpe Ratio Rank: 48
ES=F Sortino Ratio Rank: 41
ES=F Omega Ratio Rank: 50
ES=F Calmar Ratio Rank: 20
ES=F Martin Ratio Rank: 48

^N225

^N225 Risk / Return Rank: 92
^N225 Sharpe Ratio Rank: 94
^N225 Sortino Ratio Rank: 97
^N225 Omega Ratio Rank: 94
^N225 Calmar Ratio Rank: 87
^N225 Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ES=F vs. ^N225 - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 E-Mini Futures (ES=F) and Nikkei 225 (^N225). 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.

	ES=F	^N225	Difference
Sharpe ratio Return per unit of total volatility	0.86	1.25	-0.38
Sortino ratio Return per unit of downside risk	1.33	1.91	-0.58
Omega ratio Gain probability vs. loss probability	1.20	1.25	-0.04
Calmar ratio Return relative to maximum drawdown	1.43	1.74	-0.31
Martin ratio Return relative to average drawdown	6.48	6.12	+0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ES=F vs. ^N225 - Sharpe Ratio Comparison

The current ES=F Sharpe Ratio is 0.86, which is lower than the ^N225 Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of ES=F and ^N225, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ES=F	^N225	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	1.25	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.16	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.40	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.19	+0.17

Correlation

The correlation between ES=F and ^N225 is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

ES=F vs. ^N225 - Drawdown Comparison

The maximum ES=F drawdown since its inception was -57.11%, which is greater than ^N225's maximum drawdown of -52.37%. Use the drawdown chart below to compare losses from any high point for ES=F and ^N225.

Drawdown Indicators

	ES=F	^N225	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-81.87%	+24.76%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-13.23%	+1.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.02%	-26.26%	+1.24%
Max Drawdown (10Y) Largest decline over 10 years	-34.45%	-31.80%	-2.65%
Current Drawdown Current decline from peak	-5.69%	-7.92%	+2.23%
Average Drawdown Average peak-to-trough decline	-12.57%	-34.31%	+21.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	4.61%	-2.63%

Volatility

ES=F vs. ^N225 - Volatility Comparison

The current volatility for S&P 500 E-Mini Futures (ES=F) is 5.08%, while Nikkei 225 (^N225) has a volatility of 9.66%. This indicates that ES=F experiences smaller price fluctuations and is considered to be less risky than ^N225 based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ES=F	^N225	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	9.66%	-4.58%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	18.72%	-9.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.09%	28.11%	-11.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	23.18%	-6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	21.27%	-3.66%