We tested the risk-sensitive foraging preferences of wild rufous hummingbirds, Selasphorus rufus, with three types of artificial flowers. All three flower types provided the same mean volume of 30 mu l of sucrose, but differed in terms of variability of the reward: constant, low variance and high variance. In trinary comparisons, subjects preferred the low-variance reward over the constant reward, and the constant reward over the high-variance reward; a result not predicted by risk-sensitive foraging theory. However, when tested with traditional binary comparisons, hummingbirds showed conventional risk-averse behaviour and selected the constant reward over the low-or high-variance rewards. This reversal of preference represents a context-dependent foraging preference. The utility of selecting intermediate levels of risk and the source of the preference reversal are discussed relative to risk-sensitive foraging theory and the effects of local context on foraging choices. (C) 1999 The Association for the Study of Animal Behaviour.