ALT In the United States, COVID-19 unfolded alongside profound racial trauma. Drawing on a population-representative sample of twenty- to sixty-year-olds who were married or cohabiting, the National Couples’ Health and Time Study (N = 3,642), we examine two sources of stress: COVID-19 and racial trauma. We leverage the fully powered samples of respondents with racial-ethnic and sexual minority identities and find that COVID-19 and racial trauma stress were higher among individuals who were not White or heterosexual most likely due to racism, xenophobia, and cis-heterosexism at the individual and structural levels. Both COVID-19 and racial trauma stress were associated with poorer mental health outcomes even after a rich set of potential mechanistic indicators, including discrimination and social climate, were taken into account.