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ES to SPY converter: estimate SPY from ES futures

ES trades overnight while SPY does not. Enter an ES price and get the approximate SPY level, or enter a SPY price and get the ES equivalent. This is how LiquidityLevels expresses every overnight level for SPY traders.

How to use it

  1. Enter an ES price (or a SPY price in the second box).
  2. Leave the ratio at 10.016, or adjust it to a different reference.
  3. Read the approximate SPY (or ES) equivalent.
SPY ≈ ES ÷ 10.016 · ES ≈ SPY × 10.016
Example. ES 5,530 ÷ 10.016 ≈ SPY 552.12. In reverse, SPY 552.12 × 10.016 ≈ ES 5,530.

About this calculator

How do you calculate the SPY price from ES? Divide the ES price by about 10. The S&P 500 index trades near ten times SPY, and ES tracks the index with a basis that drifts with interest rates, dividends and time to expiry. The ratio here (10.016) is a fixed illustrative value; briefings use the live basis at the time of writing. The result is an orientation, not a quote.

Frequently asked questions

How do I convert ES to SPY?
Divide the ES price by roughly 10 (this tool uses 10.016). A 5,530 ES price is about 552.12 on SPY.
Why is the ES to SPY ratio not exactly 10?
ES is priced off the S&P 500 index plus a basis (carry minus dividends), and SPY is a fund that pays dividends and sits slightly below one tenth of the index. The two effects move the ratio over time.
Is this a live quote?
No. It is a reference calculator using the ratio you set. It does not pull live prices.

Converting ES levels for SPY?

See SPY premarket levels: structure, key levels and catalysts in futures and SPY/QQQ terms, before the 9:30 ET open.

See SPY premarket levelsStart free trial

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ES vs SPYHow the translation works
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Informational calculator for reference only. Outputs are arithmetic, not quotes, recommendations or trade signals. LiquidityLevels provides educational market commentary, not financial advice.