This study attempts to examine the unique contributions of cognitions or metacognitions to depressive symptoms while controlling for their intercorrelations and comorbid anxiety. Two-hundred-and-fifty-one university students participated in the study. Two complementary hierarchical multiple regression analyses were performed, in which symptoms of depression were regressed on the dysfunctional attitudes (DAS-24 subscales) and metacognition scales (Negative Beliefs about Rumination Scale [NBRS] and Positive Beliefs about Rumination Scale [PBRS]). Results showed that both NBRS and PBRS individually explained a significant amount of variance in depressive symptoms above and beyond dysfunctional schemata while controlling for anxiety. Although dysfunctional attitudes as a set significantly predicted depressive symptoms after anxiety and metacognitions were controlled for, they were weaker than metacognitive variables and none of the DAS-24 subscales contributed individually. Metacognitive beliefs about ruminations appeared to contribute more to depressive symptoms than dysfunctional beliefs in the cognitive domain.