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A growing body of literature suggests that social capital is a valuable resource for children and youth, and that returns to that capital can increase academic success. This literature also demonstrates that youth can build social capital in different settings, and that the capital formed in these settings can differ in both form and function. However, relatively little is known about whether youth from different backgrounds build social capital in the same way and whether they receive the same returns to that capital. In this paper, we examine the creation of and returns to social capital in family and school settings on academic achievement, measured as standardized test scores, for white boys, black boys, white girls, and black girls who were seniors in high school in the United States. Our findings suggest that while youth in different groups build social capital in largely the same way, differences exist in across race and sex lines as to how family and school social capital affect academic achievement.