Micro E-mini S&P 500 vs Micro E-mini Nasdaq-100
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| MES | MNQ | |
|---|---|---|
| Exchange | Chicago Mercantile Exchange | Chicago Mercantile Exchange |
| Contract unit | $5 × S&P 500 Index | $2 × Nasdaq-100 Index |
| Tick size | 0.25 | 0.25 |
| Tick value | $1.25 | $0.50 |
| One point | $5 | $2 |
| Initial margin | $2,871 | $4,642 |
| Maintenance margin | $2,610 | $4,220 |
| Settlement | Cash | Cash |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Front contract | MESZ26, roll by 10 Dec 2026 | MNQZ26, 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
Micro E-mini S&P 500 (MES) and Micro E-mini Nasdaq-100 (MNQ) are different markets, so there is no exact equivalence between a position in one and a position in the other. What can be compared directly is what a move costs and what the exchange requires you to deposit. One point is worth $5 on MES and $2 on MNQ; ticks are worth $1.25 and $0.50.
Exchange initial margin is $2,871 for MES and $4,642 for MNQ, a ratio of 0.6 to 1. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break). MES is cash-settled and MNQ is cash-settled.
Because a point means something different in each market, risk is best compared in money rather than in points: decide the loss you would accept at your stop, convert it to ticks on each contract, and compare the resulting position sizes with the position-size calculator. The two markets also move by different amounts on a typical day, so the same number of contracts carries different risk.
Size a position on either with the MES calculators or the MNQ calculators.
Questions
- What is the difference between MES and MNQ?
- They are different markets. One point is worth $5 on MES and $2 on MNQ.
- Which needs more margin, MES or MNQ?
- Exchange initial margin is $2,871 for MES and $4,642 for MNQ (as of 27 Oct 2026).
- Do MES and MNQ trade the same hours?
- Yes.