Comorbidity between SLI and dyslexia is well documented. Researchers have variously argued that dyslexia is a separate disorder from SLI, or that children with dyslexia show a subset of the difficulties shown in SLI. This study examines these hypotheses by assessing whether family history of dyslexia and speech and language difficulties are separable risk factors for literacy difficulties. Forty-six children with a family risk of dyslexia (FRD) and 36 children receiving speech therapy (SLT) were compared to 128 typically developing children. A substantial number (41.3%) of the children with FRD had received SLT. The nature of their difficulties did not differ in severity or form from those shown by the other children in SLT. However, both SLT and FRD were independent risk factors in predicting reading difficulties both concurrently and 6 months later. It is argued that the results are best explained in terms of Pennington's (2006) multiple deficits model. (Contains 3 figures and 5 tables.)