An experiment to quantify the response of unnodulated, fertilized European black alder (Alnusglutinosa (L.) Gaertn.) seedlings to progressive water stress showed contrasting drought tolerance among five clones, using stomatal conductance, leaf area, and height as indices of drought sensitivity. In particular, one rapidly growing clone (AG 8022-14) showed the ability to moderate changes in water stress more efficiently than the more slowly growing clones. After 30 days of moderate levels of water stress, clones that had higher stomatal conductance also had greater leaf area and height growth. Leaf area and height were both sensitive to plant water status, although no threshold of stress associated with a cessation of leaf area or height expansion was found even though stomatal conductance decreased to 0.05 cm s−1 under severe water stress.