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SPX vs /ES

3 Posts
2 Users
Posts: 20
Topic starter
Eminent Member
Joined: 2 years ago

What is the difference between SPX and /ES (E-mini S&P)?

Currently SPX is trading around 3904 and /ES is trading around 3935. However, when I look at a particular contract, the premiums are similar for the same strike/expiration date. Wouldn't it make more sense to trade /ES instead of SPX since there is more buffer? What am I missing? Thanks!

2 Replies
Posts: 20
Topic starter
Eminent Member
Joined: 2 years ago

For example, if I look at the contracting expiring tomorrow (12/16/22) morning, for both SPX and /ES at 3800 the premium is $0.85 for both.

Posts: 349
Joined: 8 years ago

The ES futures trade around 30 points higher. That's because of the high interest rates relative to the dividend yield.

There is no easy way to make more money with one instrument vs. the other. If you sell the SPX option 100 pts OTM then the ES option with a similar premium will also be around 100 pts OTM, so the strike will be about 30 points higher.