We examine how incidence and accumulation of two domains of risk factors—deprivation and threat of harm—predict early childhood development, testing a framework put forth by McLaughlin and Sheridan (2016). Using the ECLSK: 11 (N = 18,200, M = 5.6 years; 48.7% female), a nationally representative sample of kindergarteners, we consider behavioral and cognitive indicators that represent different learning processes. We find partial support for the hypothesis that deprivation (but not threat) risks predict higher-order learning outcomes, with both incidence and accumulation of risk negatively predicting reading scores but mixed associations for executive function outcomes. We find support that incidence of threat (but not deprivation) risks negatively predict emotional and behavioral outcomes as hypothesized. When modeled cumulatively, however, both deprivation and threat risks predict behavioral outcomes. Finally, in line with hypothesized processes, both deprivation and threat risks negatively predict math scores, which represent pattern-learning processes. Implications for research in childhood adversity are discussed.