Micro vs E-mini futures: MES vs ES and MNQ vs NQ

The short version

Micro E-mini futures track the same index as their E-mini counterparts at one-tenth of the dollar value per point. A micro Nasdaq contract (MNQ) moves like a Nasdaq E-mini (NQ), but each point is worth $2 instead of $20. The same goes for MES against ES.

Same chart, same setups, same price. Only the dollars per tick change.

Tick and point values side by side

These are the standard CME contract specifications. Confirm them with your broker, and use the futures tick value calculator for these and 20+ other contracts.

Why this matters: sizing by stop distance

Your risk on a trade is stop distance × value per point × number of contracts. Suppose you have decided to risk $250 per trade and your setup needs a 25-point stop on the Nasdaq:

• NQ: 25 points × $20 = $500 for one contract. That is double your limit, and there is no half contract.
• MNQ: 25 points × $2 = $50 per contract. Five micros = $250.

With E-minis you are stuck choosing between zero and one contract (too much risk, or no trade). With micros you can land close to your intended risk every time. The position size calculator does this arithmetic for any account size, risk percentage and stop.

When micros are the better tool

• Small accounts. One E-mini loss can be a large share of the account. Micros keep each loss to a number you can live with.
• Prop firm evaluations. Your real budget is the drawdown, not the account size. If the drawdown is $2,000 and you want to survive eight losses in a row, that is about $250 per trade, which often means micros. See how to pass a prop firm challenge.
• Learning a new setup or market. You get real fills and real emotions at a fraction of the cost.
• Scaling in and out. Five micros let you take partial profits in a way one E-mini can’t.
• After a losing streak. Dropping to micros is an easy way to cut size without changing your method. See how to recover from a losing streak.

When E-minis make sense

• Your account and drawdown comfortably support the risk per contract.
• You trade size and want fewer orders to manage.
• You want to avoid paying commissions on many micro contracts.

The cost trap: commissions scale with contracts

Commissions are charged per contract, per side. Ten micros usually cost ten times what one micro costs, and often more than one E-mini does. Compare it against your expected profit per trade:

Those fee numbers are made up for the example. Use your own broker’s rates. The point is that if you trade ten micros to get the exposure of one E-mini, fees can be higher, and on a small target they take a noticeable bite. Enter your real commissions in your journal so net P&L is accurate.

Do micros trade exactly like E-minis?

Close, not identical. Fills, spreads and liquidity can differ slightly, particularly outside regular hours or in fast markets. Don’t assume your micro results scale perfectly to E-minis, and test larger size gradually.

A simple way to decide

1. Decide your risk per trade in dollars (from your account or drawdown).
2. Take the stop distance your setup actually needs. Don’t shrink the stop to fit a contract.
3. Divide: risk ÷ (stop in points × value per point).
4. If the answer is below 1 for the E-mini, use the micro.
5. Track results per instrument, so you can see which one you actually trade well.

LoggingTrades calculates P&L for 39 futures contracts, including the micros, and breaks results down by instrument so you can compare how you do on each.

FAQ

What is the difference between MES and ES?

Both track the S&P 500 index. ES is worth $50 per index point and MES $5, so one ES equals ten MES. The minimum tick on each is 0.25 points.

Are micro futures good for beginners?

They let beginners trade real markets with much smaller dollar risk per trade and finer control over position size, but commissions per contract can add up.

Is MNQ one-tenth of NQ?

Yes. NQ is $20 per point and MNQ is $2 per point, so ten MNQ contracts have the same dollar exposure as one NQ.