Two models positing direct versus moderating effects of hardiness were examined in relation to long term positive and negative changes following exposure to traumatic stress. Participating in the study were 164 Israeli POWs and a matched group of 184 veterans of the 1973 Yom Kippur War. Participants completed a battery of questionnaires that included the Personal Views Survey (hardiness); the Trait, Attitude, and Behavior Change questionnaire; and questions related to their captivity/war experiences. Findings were consistent with a model that posits moderating effects of hardiness on both long term negative and positive changes. The discussion addresses the possible role of hardiness in relation to negative and positive outcomes of traumatic events.