Depressive versus nondepressive realism and distortion were examined by relating both the direction and magnitude of social comparisons to objective standards. Using modified selection and comparative rating paradigms, results indicated that both dysphoric and nondysphoric subjects accurately identified whether they were worse-off better-off; or similar to comparison targets (direction). However, subjects were not realistic in terms of the magnitude of the social comparison difference between themselves and another In general, dysphorics' errors resulted in more unfavorable social comparisons relative to nondysphorics. Furthermore, results indicated that dysphorics and nondysphorics used different processes during social comparison: Dysphorics distorted perceptions of others whereas nondysphorics adjusted self-perceptions during social comparison. Our findings suggest that even when an objective standard is used, subjects' judgments can appear to be accurate or distorted depending on whether the data are analyzed according to direction or magnitude. Furthermore, negative distortion, not realism, is characteristic of even mildly depressed subjects.