Consider the stochastic Duffing–van der Pol equation x ̈ =−ω 2x−Ax 3−Bx 2 x ̇ +ε 2β x ̇ +εσx W ̇ t with A⩾0 and B>0. If β/2+ σ 2/8 ω 2>0 then for small enough ε>0 the system (x, x ̇ ) is positive recurrent in R 2⧹{0}. Let λ ̃ ε denote the top Lyapunov exponent for the linearization of this equation along trajectories. The main result asserts that λ ̃ ε∼ε 2 λ ̃ as ε→0, where λ ̃ is the top Lyapunov exponent along trajectories for a stochastic differential equation obtained from the stochastic Duffing–van der Pol equation by stochastic averaging. In the course of proving this result, we develop results on stochastic averaging for stochastic flows, and on the behavior of Lyapunov exponents and invariant measures under stochastic averaging. Using the rotational symmetry of the stochastically averaged system, we develop theoretical and numerical methods for the evaluation of λ ̃ . We see that the sign of λ ̃ , and hence the asymptotic behavior of the stochastic Duffing–van der Pol equation, depends strongly on ωB/ A. This dimensionless quantity measures the relative strengths of the nonlinear dissipation Bx 2 x ̇ and the nonlinear restoring force Ax 3.