Traditional cognitive vulnerability-stress models regarding the etiology of depression emphasize the content of the depressed individual's thoughts. One important cognitive content index, explanatory style, represents the habitual way that individuals assign causes to events that occur in their lives. A more contemporary model, however, emphasizes the cognitive process by which these attributions are made and to what extent the individual can make different attributions depending on the particular context of the event. This process is referred to as explanatory flexibility. Given that both indices of causal explanation are derived from the same assessment instrument, the Attributional Style Questionnaire, the current investigation sought to examine the extent to which the two variables can be differentiated from one another. Results indicated that explanatory style (a measure of cognitive content) and explanatory flexibility (a cognitive process measure) are empirically related, but distinct, constructs.