The evolution and maintenance of combined vs. separate sexes in flowering plants is influenced by both ecological and genetic factors; variation in resources, partic- ularly moisture availability, is thought to play a role in selection for gender dimorphism in some groups. We investigated the density, distribution, biomass allocation, and physi- ology of sympatric monomorphic (cosexual) and dimorphic (female and male) populations of Wurmbea dioica in relation to soil moisture on the Darling Escarpment in southwestern Australia. Populations with monomorphic vs. dimorphic sexual systems segregated into wet vs. dry microsites, respectively, and biomass allocation patterns and physiological traits reflected differences in water availability, despite similarities in total ramet biomass between the sexual systems. Unisexuals flowered earlier at lower density, and they allocated sig- nificantly more biomass below ground to roots and corms than did cosexuals, which al- located more biomass above ground to leaves, stems, and flowers. Females, males, and cosexuals produced similar numbers of flowers per ramet, but unisexuals produced more ramets than cosexuals, increasing the total number of flowers per genet. Contrary to ex- pectation, cosexuals had significantly higher (more positive) leaf carbon isotope ratios and lower leaf nitrogen content than unisexuals, suggesting that cosexuals are more water-use efficient and have lower rates of photosynthesis per unit leaf mass despite their occurrence in wetter microsites. Cosexuals appear to adjust their stomatal behavior to minimize water loss through transpiration while maintaining high investment in leaves and reproductive structures. Unisexuals apparently maximize the acquisition and storage of both water and nitrogen through increased allocation to roots and corms and enhance the uptake of CO2 by keeping stomata more open. These findings indicate that the two sexual systems have different morphological and physiological features associated with local-scale variation in water availability.