A comparative study was conducted to assess factors that relate to level of HIV risk of black homeless women. The study examined whether 460 black women categorized as high, moderate, or low risk for HIV infection differed in environmental, demographic, and personal factors; appraisal of threat; resources; coping responses; and health outcome. Multivariate analyses of variance revealed high-risk homeless women reported statistically significant and greater concerns, appraisal of threat, emotion-focused coping, depression, and emotional distress, as well as less self-esteem and sense of coherence than moderate- and low-risk homeless women. Discriminant analyses revealed that women at high risk for HIV infection were best differentiated from moderate- and low-risk women by greater use of emotion-focused coping, greater severity of concerns, greater depression, and less self-esteem. An understanding of psychosocial factors most predictive of groups at highest risk for HIV infection provides impetus for interventional programs focused on altering the course of the disease in this population.