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NQ=F vs. ^NDX
Performance
Return for Risk
Drawdowns
Volatility

NQ=F vs. ^NDX

Last updated Jun 4, 2026

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 21.06%/yr vs 21.09%/yr for ^NDX. With a 0.98 correlation, they move nearly in lockstep.

Performance

NQ=F vs. ^NDX - Performance Comparison

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

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Returns By Period

In the year-to-date period, NQ=F achieves a 19.79% return, which is significantly lower than ^NDX's 21.07% return. Both investments have delivered pretty close results over the past 10 years, with NQ=F having a 21.06% annualized return and ^NDX not far ahead at 21.09%.

NQ=F

1D
-0.71%
1M
9.79%
YTD
19.79%
6M
18.85%
1Y
40.49%
3Y*
27.90%
5Y*
17.24%
10Y*
21.06%

^NDX

1D
-0.29%
1M
10.56%
YTD
21.07%
6M
19.39%
1Y
41.12%
3Y*
28.09%
5Y*
17.29%
10Y*
21.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NQ=F vs. ^NDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NQ=F
E-Mini Nasdaq 100 Futures		19.79%19.93%24.69%54.45%-32.46%26.66%47.22%38.20%-1.18%31.76%
^NDX
NASDAQ 100 Index		21.07%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 0.94, 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

0.98

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

0.99

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

0.98

Correlation (All Time)
Calculated using the full available price history since Apr 27, 2009

0.98

The correlation between NQ=F and ^NDX has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

E-Mini Nasdaq 100 Futures

NASDAQ 100 Index

Often compared with NQ=F:
NQ=F vs. ES=FNQ=F vs. QQQNQ=F vs. ESNQ=F vs. TQQQNQ=F vs. SPYNQ=F vs. CL=FNQ=F vs. FNGS
Often compared with ^NDX:
^NDX vs. BRK-B^NDX vs. SPY^NDX vs. ARKK^NDX vs. ^IXIC^NDX vs. TSLA^NDX vs. VOO^NDX vs. ^SOX

Return for Risk

NQ=F vs. ^NDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NQ=F
NQ=F Risk / Return Rank: 9090
Overall Rank
NQ=F Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
NQ=F Sortino Ratio Rank: 8989
Sortino Ratio Rank
NQ=F Omega Ratio Rank: 8989
Omega Ratio Rank
NQ=F Calmar Ratio Rank: 9292
Calmar Ratio Rank
NQ=F Martin Ratio Rank: 9191
Martin Ratio Rank
^NDX
^NDX Risk / Return Rank: 8181
Overall Rank
^NDX Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
^NDX Sortino Ratio Rank: 8282
Sortino Ratio Rank
^NDX Omega Ratio Rank: 8181
Omega Ratio Rank
^NDX Calmar Ratio Rank: 8181
Calmar Ratio Rank
^NDX Martin Ratio Rank: 8080
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.

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.

NQ=F^NDXDifference

Sharpe ratio

Return per unit of total volatility

2.49

2.57

-0.08

Sortino ratio

Return per unit of downside risk

3.32

3.37

-0.05

Omega ratio

Gain probability vs. loss probability

1.43

1.44

0.00

Calmar ratio

Return relative to maximum drawdown

3.27

3.41

-0.14

Martin ratio

Return relative to average drawdown

11.92

13.03

-1.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NQ=F vs. ^NDX - Sharpe Ratio Comparison

The current NQ=F Sharpe Ratio is 2.49, which is comparable to the ^NDX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of NQ=F and ^NDX, 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

NQ=F^NDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.49

2.57

-0.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.77

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

0.94

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

0.57

+0.40

Drawdowns

NQ=F vs. ^NDX - Drawdown Comparison

The maximum NQ=F drawdown since its inception was -35.28%, smaller than 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^NDXDifference

Max Drawdown

Largest peak-to-trough decline

-35.28%

-82.90%

+47.62%

Max Drawdown (1Y)

Largest decline over 1 year

-11.89%

-12.12%

+0.23%

Max Drawdown (3Y)

Largest decline over 3 years

-23.05%

-22.93%

-0.12%

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 Drawdown

Current decline from peak

-0.71%

-0.29%

-0.42%

Average Drawdown

Average peak-to-trough decline

-5.11%

-24.62%

+19.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.31%

3.17%

+0.14%

Volatility

NQ=F vs. ^NDX - Volatility Comparison

E-Mini Nasdaq 100 Futures (NQ=F) and NASDAQ 100 Index (^NDX) have volatilities of 4.36% and 4.52%, 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^NDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.36%

4.52%

-0.16%

Volatility (6M)

Calculated over the trailing 6-month period

11.88%

12.18%

-0.30%

Volatility (1Y)

Calculated over the trailing 1-year period

15.61%

16.08%

-0.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.45%

22.60%

-0.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.29%

22.53%

-0.24%

Frequently Asked Questions

With a correlation of 0.94, 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 (4.52%) compared to NQ=F (4.36%). In terms of maximum drawdown, NQ=F dropped -35.28% vs ^NDX's -82.90%.

^NDX currently has the higher Sharpe Ratio (2.57 vs 2.49), 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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