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ES=F vs. ^N225
Performance
Return for Risk
Drawdowns
Volatility

ES=F vs. ^N225

Last updated Jun 5, 2026

ES=F (S&P 500 E-Mini Futures) is an asset, while ^N225 (Nikkei 225) is an index. Over the past 10 years, ES=F returned 13.66%/yr vs 10.51%/yr for ^N225. At a 0.03 correlation, their price movements are largely independent.

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.

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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 10.09% return, which is significantly lower than ^N225's 31.16% return. Over the past 10 years, ES=F has outperformed ^N225 with an annualized return of 13.66%, while ^N225 has yielded a comparatively lower 10.51% annualized return.

ES=F

1D
0.21%
1M
2.68%
YTD
10.09%
6M
10.32%
1Y
27.61%
3Y*
21.02%
5Y*
12.41%
10Y*
13.66%

^N225

1D
0.00%
1M
11.42%
YTD
31.16%
6M
28.29%
1Y
59.61%
3Y*
21.94%
5Y*
9.82%
10Y*
10.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ES=F vs. ^N225 - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ES=F
S&P 500 E-Mini Futures		10.09%16.12%23.15%24.84%-18.86%26.94%16.02%28.97%-6.38%19.66%
^N225
Nikkei 225		28.56%26.56%7.17%19.21%-20.48%-5.90%22.42%19.73%-10.20%23.76%

Correlation

The correlation between ES=F and ^N225 is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.12

Correlation (3Y)
Calculated over the trailing 3-year period

0.09

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

0.11

Correlation (All Time)
Calculated using the full available price history since Jul 4, 2007

0.03

Compare stocks, funds, or ETFs

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S&P 500 E-Mini Futures

Nikkei 225

Often compared with ES=F:
ES=F vs. NQ=FES=F vs. SPYES=F vs. CL=FES=F vs. ^GSPCES=F vs. ^FVXES=F vs. GC=FES=F vs. ^TYX
Often compared with ^N225:
^N225 vs. SPY^N225 vs. EWJ^N225 vs. S400.L^N225 vs. FJPNX^N225 vs. NFTY^N225 vs. SCJ^N225 vs. EWA

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: 8989
Overall Rank
ES=F Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
ES=F Sortino Ratio Rank: 8787
Sortino Ratio Rank
ES=F Omega Ratio Rank: 8787
Omega Ratio Rank
ES=F Calmar Ratio Rank: 8484
Calmar Ratio Rank
ES=F Martin Ratio Rank: 100100
Martin Ratio Rank
^N225
^N225 Risk / Return Rank: 9696
Overall Rank
^N225 Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
^N225 Sortino Ratio Rank: 9797
Sortino Ratio Rank
^N225 Omega Ratio Rank: 9595
Omega Ratio Rank
^N225 Calmar Ratio Rank: 9797
Calmar Ratio Rank
^N225 Martin Ratio Rank: 9696
Martin Ratio Rank
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^N225Difference
Sharpe ratioReturn per unit of total volatility
2.14
2.54

-0.40

Sortino ratioReturn per unit of downside risk
2.99
3.54

-0.55

Omega ratioGain probability vs. loss probability

1.39

1.42

-0.02

Calmar ratioReturn relative to maximum drawdown

2.68

4.33

-1.65

Martin ratioReturn relative to average drawdown

12.02

14.09

-2.07

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 2.14, which is comparable to the ^N225 Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of ES=F and ^N225, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ES=F^N225Difference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.14

2.54

-0.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.43

+0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

0.51

+0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.38

0.25

+0.13

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.

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Drawdown Indicators

ES=F^N225Difference

Max Drawdown

Largest peak-to-trough decline

-57.11%

-52.37%

-4.74%

Max Drawdown (1Y)

Largest decline over 1 year

-8.95%

-14.75%

+5.80%

Max Drawdown (3Y)

Largest decline over 3 years

-18.54%

-24.78%

+6.24%

Max Drawdown (5Y)

Largest decline over 5 years

-25.02%

-36.26%

+11.24%

Max Drawdown (10Y)

Largest decline over 10 years

-34.45%

-37.97%

+3.52%

Current Drawdown

Current decline from peak

-0.47%

-1.26%

+0.79%

Average Drawdown

Average peak-to-trough decline

-12.49%

-13.63%

+1.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.09%

4.47%

-2.38%

Volatility

ES=F vs. ^N225 - Volatility Comparison

The current volatility for S&P 500 E-Mini Futures (ES=F) is 2.46%, while Nikkei 225 (^N225) has a volatility of 7.14%. 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.

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Volatility by Period

ES=F^N225Difference

Volatility (1M)

Calculated over the trailing 1-month period

2.46%

7.14%

-4.68%

Volatility (6M)

Calculated over the trailing 6-month period

8.67%

20.24%

-11.57%

Volatility (1Y)

Calculated over the trailing 1-year period

11.22%

25.21%

-13.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.49%

23.67%

-7.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.62%

21.51%

-3.89%

Frequently Asked Questions

ES=F and ^N225 have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^N225 has higher volatility (7.14%) compared to ES=F (2.46%). In terms of maximum drawdown, ES=F dropped -57.11% vs ^N225's -52.37%.

^N225 currently has the higher Sharpe Ratio (2.54 vs 2.14), 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.

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