QQQ is the Nasdaq-100 ETF. NQ (or /NQ) is the Nasdaq-100 futures contract. They track the same underlying index but have different tick sizes, hours, and leverage.

SPX ↔ SPY Converter (and ES, QQQ, NQ)

Q: Why is SPX higher than SPY?

SPX is the S&P 500 index level, while SPY is the ETF price per share. SPY also reflects dividends and trades in share-dollar terms, so the SPX/SPY ratio drifts over time instead of staying fixed.

Q: Is ES the same as SPX?

No. ES is the S&P 500 E-mini futures contract. It trades almost 24 hours a day and can trade above or below the SPX index because it reflects forward / expected value, especially outside regular cash hours.

Q: Can I hedge SPX with SPY?

Traders often use SPY to approximate SPX exposure because SPY is liquid and easy to trade. But SPX options are cash-settled and taxed differently, so you should not assume they are identical.

Real-time SPX/SPY, ES/SPX, and QQQ/NQ price translation for index, ETF, and futures traders.

Last updated: October 29, 2025

Quick Conversion

How These Conversions Work

SPX is the S&P 500 index — a theoretical cash index level that you can't directly buy.

SPY is the S&P 500 ETF. It tracks SPX, but it trades in dollars per share, includes dividends, and can drift slightly from pure index math.

ES is the S&P 500 E-mini futures contract. ES trades almost 24 hours and reflects where traders think the S&P 500 will be, so ES can trade at a premium or discount to SPX, especially outside regular market hours.

QQQ is the Nasdaq-100 ETF. NQ (or /NQ) is the Nasdaq-100 futures contract. Same idea: ETF vs futures vs index.

We estimate each mapping using the current ratio (for example, SPX ÷ SPY). That ratio is not fixed — it moves because of dividends, futures carry, and session timing differences. You should always treat these levels as approximations, not investment advice.

Frequently Asked Questions

Why is SPX higher than SPY?

SPX is quoted as the S&P 500 index level, while SPY is the ETF share price. SPY also reflects dividends and trades in whole dollars per share, so you can't just multiply SPY by a single permanent number to get SPX.

Is ES the same as SPX?

No. ES is a futures contract on the S&P 500 that trades nearly 24 hours a day and bakes in where traders expect the index to be, which means ES can trade at a premium/discount to SPX, especially overnight.

Can I hedge SPX with SPY?

Many traders approximate SPX exposure using SPY because SPY is extremely liquid and available in smaller size. But SPX options are cash-settled and have different tax treatment; talk to a professional before making tax decisions.

What is QQQ vs NQ?

QQQ is the Nasdaq-100 ETF. NQ (or /NQ) is the Nasdaq-100 futures. They track the same index but the contract size, hours, and behavior are different.

Latest Articles

SPX Index

The S&P 500 Index (SPX) is a benchmark representing the 500 largest U.S. companies...

SPX Options

SPX options are a key tool for traders, providing opportunities to hedge or speculate on the market...

Trading SPY

SPY, the ETF tracking the S&P 500, offers traders a liquid and cost-effective way to access the market...

Option Greeks

The option Greeks, including Delta, Gamma, Theta, Vega, and Rho, are essential tools for understanding options...