E-mini S&P 500 vs Micro E-mini S&P 500
Same underlying, different size: one ES equals 10 MES.
Margins as of Specs checked as of How we source this
| ES | MES | |
|---|---|---|
| Exchange | Chicago Mercantile Exchange | Chicago Mercantile Exchange |
| Contract unit | $50 × S&P 500 Index | $5 × S&P 500 Index |
| Tick size | 0.25 | 0.25 |
| Tick value | $12.50 | $1.25 |
| One point | $50 | $5 |
| Initial margin | $28,780.40 | $2,871 |
| Maintenance margin | $26,164 | $2,610 |
| Settlement | Cash | Cash |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Front contract | ESZ26, roll by 10 Dec 2026 | MESZ26, roll by 10 Dec 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. |
How they compare
E-mini S&P 500 (ES) and Micro E-mini S&P 500 (MES) track the same underlying on Chicago Mercantile Exchange. The difference is size. One point is worth $50 on ES and $5 on MES, so one ES carries the same exposure as 10 MES contracts. Ticks are 0.25 on ES, worth $12.50, and 0.25 on MES, worth $1.25.
Exchange initial margin is $28,780.40 for ES and $2,871 for MES, a ratio of 10.0 to 1. Margins are set product by product, so they don't always scale exactly with contract size. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break).
The practical difference is granularity. With MES, position size moves in steps of $1.25 per tick rather than $12.50, which matters when the amount you are prepared to lose at a given stop isn't a whole number of ES contracts. Commissions and exchange fees are charged per contract, so 10 MES usually cost more to trade than one ES; check both with your broker, along with liquidity at the times you trade.
Size a position on either with the ES calculators or the MES calculators.
Questions
- How many MES equal one ES?
- 10. One ES point is worth $50; one MES point is worth $5.
- What is the margin difference between ES and MES?
- Exchange initial margin is $28,780.40 for ES and $2,871 for MES (as of 27 Oct 2026).
- Do ES and MES trade the same hours?
- Yes.