Choosing between a standard E-mini contract and its Micro counterpart comes down to one thing: contract size. We’ve put the specs side by side across all four major U.S. equity index futures, so you can match contract size to your account, your risk tolerance, and your goals.
When you compare futures contract sizes, three numbers do the work: the multiplier, the tick value, and the tick size. Together they set how much market exposure each contract controls. Micro futures contracts track the same underlying index as their standard E-mini counterpart but at one-tenth the contract size and margin.
NinjaTrader offers both standard and Micro versions of the four major U.S. equity index futures: S&P 500 (ES/MES), Nasdaq 100 (NQ/MNQ), Dow (YM/MYM), and Russell 2000 (RTY/M2K). Let’s compare them all.
Compare Micro and mini futures contracts by market
Every equity index family below comes in two sizes: the standard E-mini and the smaller Micro E-mini. The mechanics are identical; only the multiplier changes. Across the S&P 500, Nasdaq 100, Dow, and Russell 2000 families, 10 Micro contracts represent the same notional exposure as one standard E-mini contract.
| Family | Standard multiplier | Micro multiplier | Standard tick | Micro tick |
|---|---|---|---|---|
| S&P 500 (ES/MES) | $50 × index | $5 × index | $12.50 (0.25 points) | $1.25 (0.25 points) |
| Nasdaq 100 (NQ/MNQ) | $20 × index | $2 × index | $5.00 (0.25 points) | $0.50 (0.25 points) |
| Dow (YM/MYM) | $5 × index | $0.50 × index | $5.00 (1 point) | $0.50 (1 point) |
| Russell 2000 (RTY/M2K) | $50 × index | $5 × index | $5.00 (0.1 points) | $0.50 (0.1 points) |
Micro vs. mini: a quick note on naming
You'll see "mini futures" used loosely in search results and everyday trader talk. On the exchange, the standard-size equity index contracts are E-mini futures (ES, NQ, YM, RTY), and the smaller versions are Micro E-mini futures (MES, MNQ, MYM, M2K). When traders say "mini," they usually mean the full-size E-mini; when they say "Micro," they mean the one-tenth-size contract.
Pick the family that matches the market you want to trade, then use the sections below to choose the size that fits your account.
For the full lineup, browse our Micro E-mini futures hub and our futures contracts hub. For a plain-language walkthrough of how to choose, read E-mini vs. Micro futures: choosing the right contract size.
E-mini S&P 500 (ES) vs. Micro E-mini S&P 500 (MES)
The E-mini S&P 500 (ES) is the benchmark equity index futures contract, giving you exposure to the S&P 500 Index at $50 per index point. The Micro E-mini S&P 500 (MES) tracks the same index at one-tenth the size, so each tick is worth $1.25 instead of $12.50. Both move tick for tick with the S&P 500, which means the charts, indicators, and strategies you build on one apply directly to the other.
See the full E-mini S&P 500 (ES) contract specs, or go deeper on this pairing with our ES vs. MES breakdown.
| Contract | Multiplier | Tick value | Tick size |
|---|---|---|---|
| E-mini S&P 500 (ES) | $50 × index | $12.50 | 0.25 index points |
| Micro E-mini S&P 500 (MES) | $5 × index | $1.25 | 0.25 index points |
| Contract | Multiplier | Tick value | Tick size |
|---|---|---|---|
| E-mini Nasdaq 100 (NQ) | $20 × index | $5.00 | 0.25 index points |
| Micro E-mini Nasdaq 100 (MNQ) | $2 × index | $0.50 | 0.25 index points |
E-mini Nasdaq 100 (NQ) vs. Micro E-mini Nasdaq 100 (MNQ)
The E-mini Nasdaq 100 (NQ) delivers tech-heavy exposure to the Nasdaq 100 Index at $20 per index point, with a tick value of $5.00. The Micro E-mini Nasdaq 100 (MNQ) is the same market at one-tenth the size, where each tick is worth $0.50. NQ tends to be more volatile than the S&P 500, so many active traders use MNQ to size positions precisely and keep risk per trade in check.
Review the full E-mini Nasdaq 100 (NQ) contract specs for trading hours, expirations, and more.
E-mini Dow (YM) vs. Micro E-mini Dow (MYM)
The E-mini Dow (YM) tracks the Dow Jones Industrial Average at $5 per index point, with a whole-point tick worth $5.00. The Micro E-mini Dow (MYM) is one-tenth the size, so each point moves your position by $0.50. The Dow's one-point tick makes YM and MYM easy to read for traders who like round-number price action.
Check the full E-mini Dow (YM) contract specs before you trade.
| Contract | Multiplier | Tick value | Tick size |
|---|---|---|---|
| E-mini Dow (YM) | $5 × index | $5.00 | 1 index point |
| Micro E-mini Dow (MYM) | $0.50 × index | $0.50 | 1 index point |
| Contract | Multiplier | Tick value | Tick size |
|---|---|---|---|
| E-mini Russell 2000 (RTY) | $50 × index | $5.00 | 0.1 index points |
| Micro E-mini Russell 2000 (M2K) | $5 × index | $0.50 | 0.1 index points |
E-mini Russell 2000 (RTY) vs. Micro E-mini Russell 2000 (M2K)
The E-mini Russell 2000 (RTY) gives you exposure to U.S. small-cap stocks at $50 per index point, with a fine 0.1-point tick worth $5.00. The Micro E-mini Russell 2000 (M2K) is one-tenth the size, where each tick is worth $0.50. Small caps can trade differently from large-cap indexes, so RTY and M2K can help you diversify how you express a view on the broad market.
See the full E-mini Russell 2000 (RTY) contract specs for the complete details.
Which contract size fits your account?
There's no single right answer: the best contract size depends on your account, your risk per trade, and how precisely you want to scale. Because the two trade the same market at different sizes, you can move between them as your needs change.
Traders with smaller accounts often start with Micro contracts and scale into standard contracts as account size and confidence grow, since the two are mechanically identical aside from the multiplier.
A general guide by account size:
Micro contracts let you trade the same markets with less capital at risk per tick, so you can practice position management without oversizing.
Mixing Micro and standard contracts can help you fine-tune position size, adding or trimming exposure ten Micros at a time.
Standard E-mini contracts put on more exposure per contract, which can be more efficient once your account and strategy support it.
Margin is the other half of the decision. Because Micro contracts are one-tenth the size, they require far less margin than standard E-minis, which can help you build and manage positions with less capital committed. Margin requirements change with market conditions, so check NinjaTrader's current intraday margins for the latest figures before you trade.
Not sure where to start? Compare contract sizes risk-free using NinjaTrader's trading simulator before committing real capital. With the same charts, order entry, and market depth used in live accounts, sim is a risk-free way to feel the difference between a Micro and a standard tick.
Simulated trading is based on hypothetical results and does not reflect actual trading. Emotional and psychological factors of real money risk are not replicated. Use simulated trading to learn the platform and markets—not as an indicator of live performance.
Start with the size that fits, then scale
Micro and standard equity index futures give you two ways to trade the same markets, so you're never locked into one contract size. Start in sim, scale into live trading when you're ready, and get simple pricing, low margins, and 24/5 support the whole way.
Ready to explore more? Open your free NinjaTrader account today.
FAQs
FAQs on Micro vs. mini futures contracts
What's the difference between Micro and mini futures?
"Mini" usually refers to the standard-size E-mini contract, while "Micro" refers to the smaller Micro E-mini, which is one-tenth the size. Both track the same underlying index and move tick for tick; the Micro simply has a smaller multiplier, tick value, and margin.
How many Micro contracts equal one E-mini contract?
Across the S&P 500, Nasdaq 100, Dow, and Russell 2000 families, 10 Micro contracts represent the same notional exposure as one standard E-mini contract. That makes it easy to scale a position up or down in one-tenth increments.
What's the difference between ES and MES?
The E-mini S&P 500 (ES) uses a $50 multiplier with a $12.50 tick, while the Micro E-mini S&P 500 (MES) uses a $5 multiplier with a $1.25 tick. They track the same S&P 500 Index, so a strategy built on one applies directly to the other at a different size.
How do NQ and MNQ compare?
The E-mini Nasdaq 100 (NQ) has a $20 multiplier and a $5.00 tick; the Micro E-mini Nasdaq 100 (MNQ) has a $2 multiplier and a $0.50 tick. MNQ can help traders take Nasdaq 100 exposure with smaller position sizes and lower risk per tick.
Which is better for beginners, Micro or standard futures?
New traders often start with Micro contracts because the smaller tick value keeps risk per trade lower while they learn. You can also practice risk-free in NinjaTrader's trading simulator first, then scale into standard contracts as your account and confidence grow.
Can I trade Micro and standard contracts in the same account?
Yes. Because the contracts are mechanically identical aside from the multiplier, you can trade both from a single NinjaTrader account and blend sizes to fine-tune your total exposure.