NQ=F vs. SPY

Last updated Jun 5, 2026

NQ=F (E-Mini Nasdaq 100 Futures) is an asset, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, NQ=F returned 20.98%/yr vs 15.48%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure.

Performance

NQ=F vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, NQ=F achieves a 19.42% return, which is significantly higher than SPY's 11.33% return. Over the past 10 years, NQ=F has outperformed SPY with an annualized return of 20.98%, while SPY has yielded a comparatively lower 15.48% annualized return.

NQ=F

• 1D: -0.76%
• 1M: 8.04%
• YTD: 19.42%
• 6M: 18.64%
• 1Y: 39.66%
• 3Y*: 27.73%
• 5Y*: 17.17%
• 10Y*: 20.98%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

NQ=F vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NQ=F E-Mini Nasdaq 100 Futures	19.42%	19.93%	24.69%	54.45%	-32.46%	26.66%	47.22%	38.20%	-1.18%	31.76%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between NQ=F and SPY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 27, 2009	0.89

The correlation between NQ=F and SPY has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

NQ=F vs. SPY — 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: 92
NQ=F Sharpe Ratio Rank: 93
NQ=F Sortino Ratio Rank: 93
NQ=F Omega Ratio Rank: 93
NQ=F Calmar Ratio Rank: 93
NQ=F Martin Ratio Rank: 88

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for E-Mini Nasdaq 100 Futures (NQ=F) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.42	+0.02
Sortino ratio: Return per unit of downside risk	3.26	3.29	-0.03
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.01
Calmar ratio: Return relative to maximum drawdown	3.20	3.22	-0.02
Martin ratio: Return relative to average drawdown	11.68	14.99	-3.31
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. SPY - Sharpe Ratio Comparison

The current NQ=F Sharpe Ratio is 2.44, which is comparable to the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of NQ=F and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NQ=F	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.42	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.82	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.87	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.59	+0.38

Drawdowns

NQ=F vs. SPY - Drawdown Comparison

The maximum NQ=F drawdown since its inception was -35.28%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NQ=F and SPY.

Drawdown Indicators

	NQ=F	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.28%	-55.19%	+19.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.89%	-8.88%	-3.01%
Max Drawdown (3Y) Largest decline over 3 years	-23.05%	-18.76%	-4.29%
Max Drawdown (5Y) Largest decline over 5 years	-35.28%	-24.50%	-10.78%
Max Drawdown (10Y) Largest decline over 10 years	-35.28%	-33.72%	-1.56%
Current Drawdown Current decline from peak	-1.02%	-0.33%	-0.69%
Average Drawdown Average peak-to-trough decline	-5.11%	-9.05%	+3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	1.91%	+1.40%

Volatility

NQ=F vs. SPY - Volatility Comparison

E-Mini Nasdaq 100 Futures (NQ=F) has a higher volatility of 4.05% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that NQ=F's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NQ=F	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	2.79%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	8.91%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.61%	11.82%	+3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.43%	17.05%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.28%	17.93%	+4.35%

Frequently Asked Questions

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

NQ=F and SPY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NQ=F or SPY?

NQ=F has higher volatility (4.05%) compared to SPY (2.79%). In terms of maximum drawdown, NQ=F dropped -35.28% vs SPY's -55.19%.

Which has better risk-adjusted returns?

NQ=F currently has the higher Sharpe Ratio (2.44 vs 2.42), 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.