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Nasdaq in three flavors.

Convert prices and contract value between the three Nasdaq 100 instruments.

INPUTS
Fetching delayed quotes…
ENTER ONE
Cash Nasdaq 100 index level (e.g. 18,000.00).
Defaults to 0.025. The actual ratio drifts down over the year from dividends + the ETF's expense ratio — adjust to whatever your broker is currently quoting.
How many NQ contracts to size total exposure for.
TRY ONE
RESULT
NDX index18,000.00
NQ future18,000.00
QQQ ETF$450.00
1 NQ contract value$360,000
Total exposure (1)$360,000
1 NDX pt = NQ$20
1 NDX pt = QQQ$0.0250
1% index move180.00 pts
POSTABLE ARTIFACT

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ALSO USEFUL

ES / SPY / SPX converter
Convert prices and contract value between the three S&P 500 instruments. SPY-to-SPX ratio is editable to account for dividend + expense-ratio drift.
Position size
How many shares (or contracts) to buy, given your account, entry, stop, and risk %.

HOW IT WORKS

The Nasdaq 100 cousin of the S&P trio. NDX is the cash index — calculation-only, no direct trading. NQ is the e-mini future at $20 per point — same structure as ES but with a smaller multiplier, so one NQ at NDX 18,000 is about $360,000 of notional. QQQ is the ETF — roughly 1/40 of NDX (a default ratio of 0.025) with a 0.20% expense ratio and a quarterly dividend, both of which pull the ratio slightly below the clean number as the year progresses. Type any one of the three and the other two fall out at whatever ratio you specify.

Three instruments, one index

NDX is the Nasdaq 100 cash index, QQQ is the ETF that holds the basket, and NQ is the E-mini future. The structure mirrors the S&P family exactly — a calculated index, a fund tracking it, and a leveraged contract priced off it — with different constants.

QQQ trades near NDX × 0.025, roughly one fortieth of the index rather than the one tenth that maps SPY to SPX. NQ carries a $20 point value against ES at $50. Traders who move between the two complexes routinely apply the wrong ratio out of muscle memory.

A worked example

NDX at 18,000 puts QQQ near $450 at a 0.025 ratio. One NQ contract at that level is 18,000 × $20 = $360,000 of notional — larger than an ES contract at typical S&P levels, despite the smaller point value, because the index number itself is bigger.

That is the detail worth carrying away. A trader sizing NQ by analogy to ES, reasoning that $20 per point is less risk than $50, ends up with more exposure rather than less. The index level does as much work as the multiplier.

Where this calculator misleads you

The Nasdaq 100 is far more concentrated than the S&P 500, with the largest handful of names driving a disproportionate share of the move. Converting a price is arithmetic; assuming NQ and ES carry comparable risk per point is not. NQ typically ranges wider, and position sizing should reflect that rather than treating the two as interchangeable.

As with the S&P tools, the QQQ ratio drifts on dividends and the fund's expense ratio, and the future carries a fair-value spread to cash that widens around expiry and rate repricing.

Prices are yours to supply — the tool computes relationships, not quotes.

Terms on this page

NDX
Nasdaq 100 cash index. The calculated benchmark the other two instruments track.
NQ
E-mini Nasdaq 100 future at $20 per point. MNQ is the $2-per-point micro version.
QQQ
The ETF tracking NDX, priced near one fortieth of the index.
Concentration
The degree to which a few large constituents drive index moves. Materially higher in NDX than SPX.

FAQ

What's the QQQ-to-NDX ratio?

QQQ tracks roughly NDX × 0.025 — about 1/40 of the index — with the same drift dynamics as SPY/SPX: a 0.20% expense ratio plus quarterly dividend payouts pull it slightly below the clean ratio over time.

How big is one NQ contract?

NQ is a $20-per-point Nasdaq 100 future. At NDX 18,000 one contract is $360,000 of notional. MNQ (Micro) is 1/10 the size at $2 per point.

Is NQ a copy of ES for the Nasdaq?

Same structure, different specs. ES = $50/point on SPX; NQ = $20/point on NDX. The tick sizes also differ (0.25 for ES, 0.25 for NQ). Both have Micro versions for sub-institutional sizing.
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