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We examined carbon‐gain, water‐use, and leaf‐allocation traits for six tree species of a Hawaiian dry forest to better understand the functional diversity within this threatened ecosystem. Tropical dry forests are among the most endangered ecosystems on Earth, and in Hawaii, as elsewhere, declining biodiversity threatens ecosystem processes that may depend on forest functional diversity. We found broad variation among species including a two‐fold difference for mean photosynthetic rate, a greater than three‐fold difference for predawn water potential, and a nearly three‐fold difference for leaf life span. Principal component analysis showed a clear separation of species based on carbon‐gain vs. water‐use related axes, and δ¹³C analysis revealed differing limitations (supply vs. demand) on carbon assimilation. The broad functional variation not only spanned traditional classifications (avoiders vs. tolerators), but …