Learn · ES futures
ES vs MES: E-mini and Micro E-mini S&P 500
Both contracts follow the S&P 500 index; MES is one tenth the size. Here is what that means for risk. Educational content, not trading advice.
Per CME Group, ES is $50 × the S&P 500 index and MES is $5 × the index. Both tick in 0.25 points, so one tick is $12.50 on ES and $1.25 on MES. Ten MES equal one ES.
Dollar-risk examples (per contract)
1-point move
ES: $50 · MES: $5
4-point stop
ES: $200 · MES: $20
10-point move
ES: $500 · MES: $50
Ten MES = one ES
Same exposure per point, finer sizing on MES.
Specs side by side
| Feature | ES | MES |
|---|---|---|
| Multiplier | $50 × index | $5 × index |
| Minimum tick | 0.25 point | 0.25 point |
| Tick value | $12.50 | $1.25 |
| In NQBacktest replay | Yes (Pro) | Not offered |
Confirm specs on CME Group before trading.
Sources: CME Group: E-mini S&P 500 specs (opens in a new tab) · CME Group: Micro E-mini S&P 500 specs (opens in a new tab)
Practising with ES
Think in points
Plan stops in points, then multiply by the contract's point value.
Dividing by ten is only exposure math
ES P&L ÷ 10 gives the gross notional equivalent for one MES per point moved. It is not an MES backtest: MES has its own order book, liquidity, spreads and fills, plus per-contract fees.
Frequently asked questions
Can I replay MES here?
No, MES isn't offered right now. ES is available with Pro.
Do ES and MES move the same?
Both are priced off the S&P 500 Index, so their prices usually track closely. They are still separate markets with their own order books, liquidity, bid-ask spreads and fills, so trading results can differ beyond the 10× size difference.
Related
Practise S&P 500 sizing
ES is included with Pro and Pro+; eligible new accounts can try Pro for $1 for 3 days, then $12.99/month unless cancelled.