Since Meredith v. Jefferson County Board of Education et al., school districts seeking to voluntarily integrate schools have designed a host of metrics to structure within-school diversity using characteristics of students’ neighborhoods rather than the race of individual students. This study utilizes a correlational–multiple regression design to investigate the efficacy of one such measure of socioeconomic/racial diversity, the diversity index (DI) of Jefferson County Public Schools, in predicting the aggregate academic achievement of students within a school. Moreover, this study seeks to compare the relative efficacy of the DI with other common measures of socioeconomic and racial diversity analogous to component factors of the DI. Metrics such as the DI provide an opportunity for researchers to better understand the intersections of poverty and race as well as their relationship with academic achievement. Implications for practice and future research are discussed.