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Despite the high prevalence of diagnosed childhood ADHD (11% in 2011), the social and psychological implications of receiving the ADHD diagnostic label for children's academic achievement are not well understood. A formalized ADHD diagnosis may enable access to pharmacological treatment and special school services. Conversely, more-negative treatment of the child by others and lowered self-esteem may negatively affect academic achievement independent of the underlying condition. This study provides the first estimates of the effect of the ADHD diagnostic label received by third grade on the eighth grade math and reading scores of a nationally-representative sample of U.S. children. It also examines variation in the effects of the diagnostic label across ADHD symptoms severity. Leveraging the most recent nationally-representative, prospective cohort study of 7,980 U.S. children born in 1993-1994, we match diagnosed and undiagnosed children on teacher- and parent-reported inattentive and hyperactive symptoms and comorbid oppositional defiance symptom, additionally controlling for kindergarten reading and math scores, health, demographic, and family socioeconomic factors. On average, an ADHD diagnostic label was associated with between 0.10-0.19 standard deviations (SD) lower averaged reading and math score, larger than the average estimated effect of parental divorce. A negative association existed for both sexes and black and white children in both samples. On average, there was no negative diagnostic labeling effect for diagnosed children who received pharmacological treatment and school support services. Results suggest the need for careful assessment of symptoms severity and consideration of the negative effects of stigma before diagnosing a child with ADHD.