QQQ is the Nasdaq-100 ETF. NQ is the Nasdaq-100 futures contract. Same index, different vehicle with different tick sizes, hours, and leverage.

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SPX ↔ SPY 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 reflects dividends and trades in share-dollar terms, so the ratio drifts over time.

Q: Is ES the same as SPX?

No. ES is the S&P 500 E-mini futures contract trading ~24 hours. It can trade above or below SPX, especially outside regular cash hours.

Q: Can I hedge SPX with SPY?

Traders use SPY to approximate SPX exposure due to its liquidity. SPX options are cash-settled and taxed differently — consult a professional.

Real-time index / ETF / futures price translation for S&P 500 and Nasdaq traders.

LAST_UPDATED: May 2, 2026 | NOT INVESTMENT ADVICE

FEED

SPX S&P 500 CASH INDEX

SPY S&P 500 ETF

ES S&P 500 E-MINI FUTURES

QQQ NASDAQ-100 ETF

NQ NASDAQ-100 FUTURES

XSP MINI SPX OPTIONS

SPX S&P 500 CASH INDEX

SPY S&P 500 ETF

ES S&P 500 E-MINI FUTURES

QQQ NASDAQ-100 ETF

NQ NASDAQ-100 FUTURES

XSP MINI SPX OPTIONS

PRICE CONVERTER INTERACTIVE

SUPPORTED PAIRS 7 PAIRS

ES → SPXFutures to Cash Index
ES → SPYFutures to ETF
SPY → SPXETF to Cash Index
SPX → ESCash Index to Futures
SPY → ESETF to Futures
QQQ → NQNasdaq ETF to Futures
NQ → QQQNasdaq Futures to ETF

HOW THESE CONVERSIONS WORK DOCS

SPX — S&P 500 CASH INDEX

A theoretical index level you cannot buy directly. The reference benchmark for SPX options (cash-settled) and the underlying tracked by SPY and ES.

SPY — S&P 500 ETF

Tracks SPX as a dollar-per-share price. Includes dividend accrual and can drift from the index over time. Extremely liquid; options are physically settled.

ES — E-MINI S&P 500 FUTURES

Trades nearly 24 hours. Reflects where the market expects SPX to be at expiration. Can trade at a premium or discount to SPX, especially overnight.

QQQ / NQ — NASDAQ-100

QQQ is the Nasdaq-100 ETF; NQ (/NQ) is the futures contract. Both track the same index but differ in contract size, tick size, and trading hours.

NOTICE: Conversion logic is maintained server-side and updated regularly to reflect current market conditions. All outputs are approximations. Not investment advice.

FAQ REFERENCE

Why is SPX higher than SPY?

SPX is the index level; SPY is the ETF share price. SPY reflects dividends and is quoted in share-dollar terms, so the ratio between them drifts over time.

Is ES the same as SPX?

No. ES is a forward-looking futures contract trading ~24 hours. It can trade at a premium or discount to SPX, especially outside regular cash market hours.

Can I hedge SPX with SPY?

Many traders approximate SPX exposure via SPY due to its liquidity and accessibility. However, SPX options are cash-settled with different tax treatment. Consult a professional before assuming equivalence.

What is QQQ vs NQ?

QQQ is the Nasdaq-100 ETF. NQ (/NQ) is the Nasdaq-100 E-mini futures contract. Both track the same index but have different tick sizes, contract values, and trading hours.

SPX Index

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

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SPX Options

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Trading SPY

SPY offers a liquid and cost-effective way to access S&P 500 exposure through ETF options and shares.

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Option Greeks

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