Breeding tree genotypes that are both productive and drought-resistant is a primary goal in forestry. However, the relationships between plant hydraulics and yield at the genotype level, and their temporal stabilities, remain unclear. We selected six poplar genotypes from I-101 (Populus alba) × 84 K (P. alba × Popolus tremula var. glandulosa) for experiments in the first and fourth years after planting in a common garden. Measurements included stem embolism resistance, shoot hydraulic resistance and its partitioning between stems and leaves, vessel- and pit-level anatomy, leaf carbon acquisition capacity, carbon allocation to leaves, and aboveground biomass (yield proxy). Significant genetic variations in hydraulic properties and yield were found among genotypes in both years. Productive genotypes had wide vessels, large thin pit membranes, small pit apertures, and shallow pit chambers. Hydraulic resistance was negatively correlated with yield, enabling high stomatal conductance and assimilation rates. Productive genotypes allocated less aboveground carbon and hydraulic resistance to leaves. Temporally stable trade-offs between stem embolism resistance and yield, and between hydraulic segmentation and yield, were identified. These findings highlight the tight link between hydraulic function and yield and suggest that stable trade-offs may challenge breeding poplar genotypes that are both productive and drought-resistant.