The current study looked at the overlap between dissociation and schizotypy and examined two potential sources from which this overlap might originate: fantasy proneness and traumatic distress. From a sample of 191 undergraduates, those scoring in the upper and lower quartile of the Dissociative Experiences Scale (DES) were selected. Next, the scores of these groups on well-established schizotypy scales were compared to each other. The high-DES group had significantly higher schizotypy scores than the low-DES group. Although both groups also differed with regard to fantasy proneness and, to a lesser extent, traumatic distress, analyses of covariance showed that these variables could not explain group differences in schizotypy. Alternative interpretations of the dissociation-schizotypy link are discussed.