This paper investigates the relationship between student engagement--with teachers and schools--and academic performance in Mexico. It uses hierarchical linear models and data from the OECD 2003 PISA study to examine the relative importance of engagement in comparison to other educational inputs--school and family characteristics--as predictors of performance. Our findings suggest that stronger engagement with the school positively affects students' achievement. The estimates are similar to those of socioeconomic status or family composition. However, stronger engagement with teachers does not necessarily improve achievement, and can even negatively correlate with performance. The findings provide an insightful approach to understanding the educational process by incorporating a greater diversity of schooling factors, and support the need for evidence of the factors that make up engagement with different school aspects. Additionally, they speak to the influence of policies that contribute to student engagement that may improve academic performance for Mexican students.