Racial and ethnic disparities in adverse pregnancy outcomes (APOs) have been well-documented in the United States, but the extent to which the disparities are present in high-risk subgroups have not been studied. To address this problem, we first applied association rule mining to the clinical data derived from the prospective nuMoM2b study cohort to identify subgroups at increased risk of developing four APOs (gestational diabetes, hypertension acquired during pregnancy, preeclampsia, and preterm birth). We then quantified racial/ethnic disparities within the cohort as well as within high-risk subgroups to assess potential effects of risk-reduction strategies. We identify significant differences in distributions of major risk factors across racial/ethnic groups and find surprising heterogeneity in APO prevalence across these populations, both in the cohort and in its high-risk subgroups. Our results suggest that risk-reducing strategies that simultaneously reduce disparities may require targeting of high-risk subgroups with considerations for the population context.