ES vs MES vs NQ

ES, MES, and NQ are all index futures. They move differently and have different dollar values, but the underlying idea is the same: one contract tracks one index.

The Underlyings

• ES: E-mini S&P 500 futures (tracks the S&P 500 index)
• MES: Micro E-mini S&P 500 futures (same index, 1/10th the size of ES)
• NQ: E-mini Nasdaq-100 futures (tracks the Nasdaq-100 index)

ES and MES follow the same index. NQ is a different index with more tech-heavy names, which usually means faster moves.

Tick Size And Dollar Value

All three contracts use the same tick size: 0.25 index points per tick.

• ES: $12.50 per tick, $50 per point (4 ticks per point)
• MES: $1.25 per tick, $5 per point
• NQ: $5.00 per tick, $20 per point

MES is exactly 1/10th of ES. NQ has its own value structure but follows the same tick/point logic.

Contract Size Relationship

• 1 ES ≈ 10 MES
• 1 NQ ≈ 10 MNQ (if you also look at the micro version)

This is useful when you see people compare “1 ES vs 10 MES” or “1 NQ vs 10 MNQ” — they’re talking about matching approximate dollar exposure.

Volatility Differences

ES and MES usually move slower and with tighter range compared to NQ. NQ often has larger intraday swings (in points) because the Nasdaq-100 is more concentrated in big tech and growth stocks.

In simple terms:

• ES / MES: Smoother, more “index-like” movement
• NQ: Sharper spikes and drops, bigger point swings

Margin (High Level)

Margin numbers change by broker and over time, but the pattern is consistent:

• Day-trade margin on ES is much higher than on MES
• Day-trade margin on NQ is similar or slightly higher than ES for many brokers
• Micro contracts (MES, MNQ) are designed to require less capital per contract

Exact margin is published by each broker and prop firm in their documentation.

What Stays The Same Between Them

• They all trade nearly 23 hours a day during the week
• They all have quarterly expiration cycles (H, M, U, Z months)
• They all use the same tick size of 0.25
• They all follow their respective index closely

The Core Difference In One Line

ES vs MES is mainly contract size. ES/MES vs NQ is mainly which index you’re tracking and how violently it moves.