ES=F vs. NQ=F

Last updated Jun 26, 2026

ES=F (E-mini S&P 500 Futures) and NQ=F (E-Mini Nasdaq 100 Futures) are both assets. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

ES=F vs. NQ=F - Performance Comparison

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

Returns By Period

ES=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NQ=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2023 (YTD)	2022	2021	2020	2019	2018	2017	2016	2015	2014
ES=F E-mini S&P 500 Futures	7.45%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%	9.86%	-0.83%	11.49%
NQ=F E-Mini Nasdaq 100 Futures	24.43%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%	6.02%	8.39%	18.11%

Correlation

The correlation between ES=F and NQ=F is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 20, 2003	0.88

The correlation between ES=F and NQ=F has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

ES=F vs. NQ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for E-mini S&P 500 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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

Volatility

Frequently Asked Questions

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

With a correlation of 0.94, ES=F 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.