ES=F vs. NQ=F

Last updated Apr 3, 2026

Compare and contrast key facts about S&P 500 E-Mini Futures (ES=F) and E-Mini Nasdaq 100 Futures (NQ=F).

Performance

ES=F vs. NQ=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 E-Mini Futures (ES=F) and E-Mini Nasdaq 100 Futures (NQ=F). The values are adjusted to include any dividend payments, if applicable.

ES=F vs. NQ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ES=F S&P 500 E-Mini Futures	-3.90%	16.12%	23.15%	24.84%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%
NQ=F E-Mini Nasdaq 100 Futures	-4.86%	19.93%	24.69%	54.45%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%

Returns By Period

In the year-to-date period, ES=F achieves a -3.90% return, which is significantly higher than NQ=F's -4.86% return. Over the past 10 years, ES=F has underperformed NQ=F with an annualized return of 12.40%, while NQ=F has yielded a comparatively higher 18.33% annualized return.

ES=F

• 1D: 0.09%
• 1M: -2.94%
• YTD: -3.90%
• 6M: -2.11%
• 1Y: 15.96%
• 3Y*: 16.83%
• 5Y*: 10.24%
• 10Y*: 12.40%

NQ=F

• 1D: 0.10%
• 1M: -2.17%
• YTD: -4.86%
• 6M: -3.55%
• 1Y: 22.58%
• 3Y*: 22.21%
• 5Y*: 12.71%
• 10Y*: 18.33%

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

Return for Risk

ES=F vs. NQ=F — 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: 34
ES=F Sharpe Ratio Rank: 33
ES=F Sortino Ratio Rank: 33
ES=F Omega Ratio Rank: 35
ES=F Calmar Ratio Rank: 22
ES=F Martin Ratio Rank: 48

NQ=F

NQ=F Risk / Return Rank: 61
NQ=F Sharpe Ratio Rank: 57
NQ=F Sortino Ratio Rank: 59
NQ=F Omega Ratio Rank: 57
NQ=F Calmar Ratio Rank: 58
NQ=F Martin Ratio Rank: 75

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. NQ=F - Risk-Adjusted Trends Comparison

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

	ES=F	NQ=F	Difference
Sharpe ratio Return per unit of total volatility	0.83	0.98	-0.15
Sortino ratio Return per unit of downside risk	1.28	1.55	-0.27
Omega ratio Gain probability vs. loss probability	1.20	1.22	-0.03
Calmar ratio Return relative to maximum drawdown	1.36	2.35	-0.99
Martin ratio Return relative to average drawdown	6.06	8.67	-2.61
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. NQ=F - Sharpe Ratio Comparison

The current ES=F Sharpe Ratio is 0.83, which is comparable to the NQ=F Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of ES=F and NQ=F, 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	NQ=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	0.98	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.56	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.82	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.90	-0.54

Correlation

The correlation between ES=F and NQ=F is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

ES=F vs. NQ=F - Drawdown Comparison

The maximum ES=F drawdown since its inception was -57.11%, which is greater than NQ=F's maximum drawdown of -35.28%. Use the drawdown chart below to compare losses from any high point for ES=F and NQ=F.

Drawdown Indicators

	ES=F	NQ=F	Difference
Max Drawdown Largest peak-to-trough decline	-57.11%	-35.28%	-21.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-11.89%	+2.94%
Max Drawdown (5Y) Largest decline over 5 years	-25.02%	-35.28%	+10.26%
Max Drawdown (10Y) Largest decline over 10 years	-34.45%	-35.28%	+0.83%
Current Drawdown Current decline from peak	-5.59%	-7.78%	+2.19%
Average Drawdown Average peak-to-trough decline	-12.56%	-5.15%	-7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.22%	-1.21%

Volatility

ES=F vs. NQ=F - Volatility Comparison

The current volatility for S&P 500 E-Mini Futures (ES=F) is 5.00%, while E-Mini Nasdaq 100 Futures (NQ=F) has a volatility of 6.01%. This indicates that ES=F experiences smaller price fluctuations and is considered to be less risky than NQ=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ES=F	NQ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	6.01%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	12.59%	-3.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.09%	22.18%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	22.47%	-5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	22.24%	-4.63%