NQ=F vs. ES=F

Last updated Apr 1, 2026

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

Performance

NQ=F vs. ES=F - Performance Comparison

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NQ=F E-Mini Nasdaq 100 Futures	-6.09%	19.93%	24.69%	54.45%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%
ES=F S&P 500 E-Mini Futures	-4.72%	16.12%	23.15%	24.84%	-18.86%	26.94%	16.02%	28.97%	-6.38%	19.66%

Returns By Period

In the year-to-date period, NQ=F achieves a -6.09% return, which is significantly lower than ES=F's -4.72% return. Over the past 10 years, NQ=F has outperformed ES=F with an annualized return of 18.10%, while ES=F has yielded a comparatively lower 12.27% annualized return.

NQ=F

• 1D: 3.31%
• 1M: -4.40%
• YTD: -6.09%
• 6M: -4.00%
• 1Y: 22.97%
• 3Y*: 21.58%
• 5Y*: 12.42%
• 10Y*: 18.10%

ES=F

• 1D: 2.81%
• 1M: -4.67%
• YTD: -4.72%
• 6M: -2.54%
• 1Y: 16.17%
• 3Y*: 16.65%
• 5Y*: 10.37%
• 10Y*: 12.27%

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

Return for Risk

NQ=F vs. ES=F — 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: 59
NQ=F Sharpe Ratio Rank: 50
NQ=F Sortino Ratio Rank: 53
NQ=F Omega Ratio Rank: 57
NQ=F Calmar Ratio Rank: 51
NQ=F Martin Ratio Rank: 85

ES=F

ES=F Risk / Return Rank: 38
ES=F Sharpe Ratio Rank: 36
ES=F Sortino Ratio Rank: 33
ES=F Omega Ratio Rank: 41
ES=F Calmar Ratio Rank: 28
ES=F Martin Ratio Rank: 54

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. ES=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for E-Mini Nasdaq 100 Futures (NQ=F) and S&P 500 E-Mini Futures (ES=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.

	NQ=F	ES=F	Difference
Sharpe ratio Return per unit of total volatility	1.00	0.84	+0.16
Sortino ratio Return per unit of downside risk	1.57	1.30	+0.27
Omega ratio Gain probability vs. loss probability	1.23	1.20	+0.03
Calmar ratio Return relative to maximum drawdown	2.47	1.60	+0.87
Martin ratio Return relative to average drawdown	9.33	7.35	+1.98
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. ES=F - Sharpe Ratio Comparison

The current NQ=F Sharpe Ratio is 1.00, which is comparable to the ES=F Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of NQ=F and ES=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

	NQ=F	ES=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.84	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.60	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.67	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.36	+0.54

Correlation

The correlation between NQ=F and ES=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

NQ=F vs. ES=F - Drawdown Comparison

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

Drawdown Indicators

	NQ=F	ES=F	Difference
Max Drawdown Largest peak-to-trough decline	-35.28%	-57.11%	+21.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.72%	-12.11%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-35.28%	-25.02%	-10.26%
Max Drawdown (10Y) Largest decline over 10 years	-35.28%	-34.45%	-0.83%
Current Drawdown Current decline from peak	-8.97%	-6.40%	-2.57%
Average Drawdown Average peak-to-trough decline	-5.15%	-12.57%	+7.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	1.95%	+1.19%

Volatility

NQ=F vs. ES=F - Volatility Comparison

E-Mini Nasdaq 100 Futures (NQ=F) has a higher volatility of 6.14% compared to S&P 500 E-Mini Futures (ES=F) at 5.02%. This indicates that NQ=F's price experiences larger fluctuations and is considered to be riskier than ES=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NQ=F	ES=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	5.02%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	9.25%	+3.34%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	17.08%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.48%	16.49%	+5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	17.61%	+4.64%