This research addresses differences between Hispanic ("N" = 2,333) and White ("N" = 15,521) households in the ownership and allocation of two representative measures of wealth accumulation, stock and homeownership. Using data from the 2008 panel of the Survey of Income and Program Participation, this research estimates a two-stage interaction model to examine differences in both asset ownership and asset allocation decisions. This article established two important findings: (1) results indicate that the negative effects of Hispanic ethnic identity on asset ownership were the result of disadvantaged positions of Hispanic households in the distribution of financial, immigration-related, and demographic characteristics, and (2) once ownership was controlled for, there is no difference in the holdings of stock allocation or home equity between Hispanic and White households.