This study involved examination of the validity evidence of the Dynamic Indicators of Basic Early Literacy Skills-Next Edition (DIBELS Next) for a sample of 85 third-and fifth-grade students, in reference to the "simple view" of reading. Tests administered included DIBELS Next, Peabody Picture Vocabulary Test-IV (PPVT-IV), Group Reading Assessment and Diagnostic Evaluation (GRADE), and the New York State English Language Arts (NYSELA) test. DIBELS Next Oral Reading Fluency (ORF) and Daze scores were significantly correlated with GRADE and NYSELA scores. Daze scores also explained significant variance in GRADE scores beyond ORF only at third grade and not NYSELA scores at either grade. PPVT-IV scores explained significant variance in GRADE scores beyond ORF at both grades but only NYSELA at third grade. GRADE Vocabulary explained variance in both measures of comprehension and at both grade levels. Research and educational implications of these findings are discussed.