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Do schools vary in the extent to which they promote relatively equitable learning opportunities for students from different socioeconomic backgrounds, and does greater equity require a tradeoff with overall effectiveness? We investigate these questions with 9 years of administrative data for one state covering 4th and 5th grade students in all public elementary schools, and we employ a random intercept and random intercept multilevel models to simultaneously estimate overall contributions to learning and the difference for poor versus nonpoor students. Our results reveal meaningful variability in schools’ differential effectiveness (albeit less than for overall effectiveness), and we find evidence of a trade-off--more effective schools tend to be more unequal—but our estimates suggest the practical consequences are modest.