According to Tellegen et al.'s Two-factor model, commonalities between depression and anxiety are due to their shared variance with Negative affect (NA), a broad dimension of general distress. Low Positive affect (PA), a dimension of pleasurable emotions, is believed to be uniquely related to depression. In this study, we tested these basic assumptions. A sample of 141 students at the Faculty of Philosophy in Novi Sad filled out a state measure of PA, NA, and basic emotions (SIAB-PANAS), a depression scale (BDI-II), and a state anxiety scale (STAI-S). Hierarchical regression analyses were conducted to estimate the unique contributions of PA, NA, and basic emotions in the prediction of dysphoria and anxiety. The hypothesis that NA is a general dimension related to both dysphoria and anxiety was supported. Sadness and fear added incrementally to the prediction of both criteria. However, contrary to our hypothesis, PA was related to both dysphoria and anxiety. Joviality, attentiveness, and self-assurance were better predictors of anxiety than dysphoria. Methodological and clinical implications of the results were discussed.