The relationship between reading comprehension, listening comprehension, and two indicators of intelligence (verbal reasoning, speed of information processing) is analyzed on the basis of a hierarchical monistic model. Two tests (reading comprehension, listening comprehension) were administered to 221 4th graders in classroom context at two sessions. Order of administration was balanced. Additionally, verbal reasoning and speed of information processing were assessed, marks in German were collected. On the whole, performance in listening comprehension exceeds reading comprehension as expected for children at that age. In spite of this mean difference a high correlation between the variables was found. In accordance with theory, the relationship between reading and listening comprehension is stronger when the influence of reading specific abilities is lower and reading material is less complex. Listening comprehension appears to be of more relevance to the prediction of reading comprehension than verbal intelligence, speed of information processing, and marks in German, even when listening comprehension is introduced as the last predictor in multiple regression analysis. It is suggested to emphasize the role of listening comprehension in the assessment and prognosis of reading disabilities.