SPY to ES Converter: SPY, QQQ, SPX to ES & NQ Levels

Convert

SPY price now

Example price: type the one on your screen.

ES price now

Example price: type the one on your screen.

SPY levels

One a line, or separated by commas or spaces; no thousands commas.

Ratio now: ES ÷ SPY = 10.039

SPY 770 = ES 7,730

SPY 770ES 7,730
SPY 765ES 7,679.75
SPY 760ES 7,629.75

On ES's 0.25 tick. MES trades at the same price as ES. Holds for the moment both prices were read: the ratio drifts through the day and jumps at the roll.

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Writing about it instead? Cite the method and link the page:

The math: ES level = SPY level × (ES ÷ SPY) · ES level = SPX level + (ES − SPX)

Every pair, worked through

The example prices the converter opens on, the relation they give, and one level moved across.

Pair	Example prices	Relation	One level
SPY → ES SPDR S&P 500 ETF	768.4 / 7,714	× 10.039	SPY 770 → ES 7,730
SPX → ES S&P 500 index	7,680.5 / 7,714	+ 33.5 pts	SPX 7,680 → ES 7,713.5
QQQ → NQ Invesco QQQ Trust	716.2 / 29,447.75	× 41.1167	QQQ 715 → NQ 29,398.5
NDX → NQ Nasdaq-100 index	29,310 / 29,447.75	+ 137.75 pts	NDX 29,310 → NQ 29,447.75
DIA → YM SPDR Dow Jones ETF	524.6 / 52,690	× 100.4384	DIA 525 → YM 52,730
IWM → RTY iShares Russell 2000 ETF	274.3 / 2,768.9	× 10.0944	IWM 275 → RTY 2,776

Ratio or basis, and why both drift

An ETF is on another scale from its future (SPY is about a tenth of the S&P 500), so its levels move across by the ratio of the two prices. A cash index and its future are on the same scale, so the difference between them, the basis in points, moves the levels across. Either relation is a snapshot: the futures price carries the cost of holding the stocks to expiry less their dividends, so it changes through the day, shrinks toward zero as expiry nears, and jumps when the contract rolls; the rollover calendar has the dates. Read both prices again before a level matters.

MES, MNQ and the Micros

A Micro trades at the same price as its E-mini, so ES levels are MES levels and NQ levels are MNQ levels.

What changes with a Micro

Only the dollars per point: MES is $5 a point against ES at $50, MNQ $2 against NQ at $20. Size a stop in ticks and dollars on the futures tick value page.

Method and privacy

Method: ETF pairs convert by the ratio of the two prices you enter (futures ÷ ETF); index pairs by their difference, the basis in points. Each futures level is rounded to the contract's tick. The relation holds for the moment both prices were read: fair value moves with interest rates, dividends and days to expiry, so it drifts through the day and jumps at the roll. Micro contracts trade at the same price as their E-mini.

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Common questions

How do you convert SPY to ES?

Divide the ES price by the SPY price at the same moment and multiply each SPY level by that ratio, then round to ES's 0.25 tick. With SPY at 768.40 and ES at 7,714, the ratio is about 10.04, so SPY 770 sits at ES 7,730.

Why isn't ES exactly 10 times SPY?

SPY is about a tenth of the S&P 500 index, and ES trades at the index plus a carry, the cost of holding the stocks until expiry less their dividends. That basis changes with interest rates, dividends and the days left to expiry, so the ratio drifts through the day and jumps when ES rolls to the next quarter.

How do you convert QQQ to NQ?

The same way as SPY to ES: NQ's price divided by QQQ's gives the ratio, around 41 in the example on this page, and each QQQ level times the ratio is the NQ level, rounded to 0.25. MNQ trades at the same price as NQ.

How do you convert SPX to ES?

Subtract SPX from ES to get the basis in points and add it to each SPX level: with SPX at 7,680.50 and ES at 7,714, the basis is 33.5 points, so SPX 7,700 is ES 7,733.50. The basis shrinks toward zero as ES nears expiry.

Do the converted levels work during premarket?

Only with prices read at the same moment. SPY trades in extended hours on thin volume and SPX isn't calculated outside the cash session, while ES trades nearly around the clock, so a ratio taken at the open differs from one taken overnight.

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