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Invertebrate diversity patterns were examined in 11 freshwater habitats (10 streams and a windswept lake shore) of similar physicochemical nature but different thermal and hydrologic stability in the Cass-Craigieburn region, New Zealand. Species richness and density were markedly higher at the more stable sites, but species evenness peaked at sites of intermediate stability. Of the 20 environmental variables examined, a multivariate instability index incorporating temporal variation in depth, temporal variation in current speed, substrate stability, the Pfankuch channel stability index, temperature range, and stream reach tractive force was the single best predictor of the number of species, whereas epilithic pigment concentration was the single best predictor of invertebrate density. The pattern in species richness did not support any of three diversity hypotheses considered. In contrast, the pattern in species evenness suggested competitive exclusion may be occurring patchily and that Huston’s dynamic equilibrium model may have some validity, at least at the level of the patch. However, the strong link between productivity and stability apparent in these habitats, and a lack of information on the effects of increased productivity on competition in stream benthic communities makes any firm assessment of the latter model difficult. The observed diversity patterns are, however, consistent with the idea that high diversity is maintained in these habitats by an interaction between low levels of disturbance and habitat patchiness.