Dow and Russell Futures Contract Specifications (YM, RTY and micros)
Two index futures that sit either side of the Nasdaq in character: the Dow is price-weighted and old-economy heavy, the Russell 2000 is small-cap and domestically sensitive. Their tick values differ by a factor of ten.
Dow Jones — YM
| Contract unit | $5 x Index Value |
| Exchange | CBOT/CME |
| Symbol | YM |
| Tick size | 1 |
| Tick value | $5 |
| Point value | $5.00 |
| Delivery months | H,M,U,Z |
The E-mini Dow is $5 times the index. One tick is one full index point, worth $5 — note that the tick size is 1.0 rather than the 0.25 of ES and NQ. A 100-point move on the Dow is $500 per contract.
Russell 2000 — RTY
| Contract unit | $50 x Index Value |
| Exchange | CME |
| Symbol | RTY |
| Tick size | 0.1 |
| Tick value | $5 |
| Point value | $50.00 |
| Delivery months | H,M,U,Z |
The E-mini Russell is $50 times the index, ticking at 0.10, worth $5 per tick. The unit looks like ES ($50) but the tick size is 0.10 rather than 0.25, so the tick value is $5 rather than $12.50.
Full comparison
| YM (Dow) | RTY (Russell) | ES (S&P) | NQ (Nasdaq) | |
|---|---|---|---|---|
| Point value | $5 | $50 | $50 | $20 |
| Tick size | 1.00 | 0.10 | 0.25 | 0.25 |
| Tick value | $5.00 | $5.00 | $12.50 | $5.00 |
| Micro symbol | MYM | M2K | MES | MNQ |
| Micro tick value | $0.50 | $0.50 | $1.25 | $0.50 |
Three of the four have identical $5 tick values despite completely different index levels, point values and tick sizes. That is a coincidence of contract design, not a rule.
What each index actually measures
| Index | Weighting | Character |
|---|---|---|
| Dow (YM) | Price-weighted — a $500 stock counts 10× a $50 stock regardless of company size | 30 large caps, industrial and financial heavy |
| Russell 2000 (RTY) | Market-cap weighted | 2,000 small caps, domestic revenue, credit-sensitive |
| S&P 500 (ES) | Market-cap weighted | 500 large caps, the broad benchmark |
| Nasdaq-100 (NQ) | Modified cap-weighted | 100 largest non-financial Nasdaq names, tech concentrated |
The Dow's price weighting is the reason it behaves differently from the other three: stock splits change the index, and high-priced names dominate regardless of their economic weight.
When small caps decouple
RTY diverges from ES when credit conditions and domestic demand matter more than global mega-cap earnings. Rising rates typically hurt RTY more than ES, because small caps carry more floating-rate debt. Risk-off episodes often see RTY fall harder. This is the practical reason traders hold both: the spread between RTY and ES is itself a view on rate sensitivity and credit.
More stock index contracts
- Mini-DAX (FDXM) — €5 x Index Value, €5 per tick
- VSTOXX (FVS) — €100 x Index Value, €5 per tick
- STOXX Europe 600 (FXXP) — €50 x Index Value, €5 per tick
- E-mini Nasdaq-100 (NQ) — $20 x Index Value, $5 per tick
- Mini CBOE Volatility Index (Mini VIX) (VXM) — $100 x Index Value, $5 per tick
- FTSE 100 Index (Z) — £10 x Index Value, £5 per tick
Full list: all 135 contract specifications.
Frequently asked
How much is one point on the Dow?
$5 on YM, $0.50 on MYM. One tick equals one point on YM.
How much is one point on the Russell?
$50 on RTY, $5 on M2K. One tick is 0.10 points, worth $5 on RTY.
Why does YM tick in whole points?
Contract design — set wide enough to make the tick meaningful at $5 per point. ES and NQ use quarter-point ticks because their index levels are quoted to two decimals.