NQ=F vs. ^NDX
NQ=F (E-Mini Nasdaq 100 Futures) is an asset, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, NQ=F returned 19.62%/yr vs 19.61%/yr for ^NDX. Their 0.96 correlation means they have historically moved very closely together.
Performance
NQ=F vs. ^NDX - Performance Comparison
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Returns By Period
In the year-to-date period, NQ=F achieves a 11.12% return, which is significantly lower than ^NDX's 11.98% return. Both investments have delivered pretty close results over the past 10 years, with NQ=F having a 19.62% annualized return and ^NDX not far behind at 19.61%.
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%
^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%
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 |
| $17.68B | $16.69B | $17.71B |
NQ=F vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
^NDX NASDAQ 100 Index | 11.98% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
Correlation
The correlation between NQ=F and ^NDX 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 NQ=F and ^NDX has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
NQ=F vs. ^NDX — Risk / Return Rank
NQ=F
^NDX
NQ=F vs. ^NDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for E-Mini Nasdaq 100 Futures (NQ=F) and NASDAQ 100 Index (^NDX). 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.
| NQ=F | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.80 | -0.02 |
| Martin ratioReturn relative to average drawdown | 5.58 | 5.76 | -0.18 |
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Drawdowns
NQ=F vs. ^NDX - Drawdown Comparison
The maximum NQ=F drawdown since its inception was -78.99%, roughly equal to the maximum ^NDX drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for NQ=F and ^NDX.
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Drawdown Indicators
| NQ=F | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.99% | -82.90% | +3.91% |
Max Drawdown (1Y)Largest decline over 1 year | -11.89% | -12.12% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -22.50% | -22.93% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -35.28% | -35.56% | +0.28% |
Max Drawdown (10Y)Largest decline over 10 years | -35.28% | -35.56% | +0.28% |
Current DrawdownCurrent decline from peak | -7.90% | -7.78% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -29.47% | -24.55% | -4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 3.79% | 0.00% |
Volatility
NQ=F vs. ^NDX - Volatility Comparison
E-Mini Nasdaq 100 Futures (NQ=F) and NASDAQ 100 Index (^NDX) have volatilities of 6.76% and 6.81%, 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.
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Volatility by Period
| NQ=F | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.76% | 6.81% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 15.67% | 15.99% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.23% | 19.37% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.10% | 23.09% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.59% | 22.73% | -0.14% |
Frequently Asked Questions
With a correlation of 0.98, NQ=F and ^NDX 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.
^NDX has higher volatility (6.81%) compared to NQ=F (6.76%). In terms of maximum drawdown, NQ=F dropped -78.99% vs ^NDX's -82.90%.
^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.
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