Higher affect variability, instability, and inertia in daily life are usually seen as indicators of emotional dysregulation. Research has shown that individuals with such affect dynamic patterns experience more depressive symptoms. However, similar affect dynamics might function differently across individuals. In this study, we propose that the impact of affect dynamics on depressive symptoms depends on how individuals feel on average (i.e., their affect levels). We analyzed data from seven studies that measured affect in daily life (N = 1,448, age range = 11.7-29.9 years, 64.8% females). Main and interaction effects of affect dynamics (variability, instability, inertia) and affect level on depressive symptoms were tested, separately for positive affect (PA) and negative affect (NA). For PA, we found mostly main effects of PA dynamics and PA level on depressive symptoms, but no interactions, indicating that PA dynamics are associated with depressive symptoms independent of how individuals feel on average. For NA, significant interactions emerged for NA variability × NA level, NA instability × NA level, but not NA inertia × NA level. For individuals with low NA levels, high NA variability and NA instability were associated with more depressive symptoms. In contrast, for individuals with high NA levels, high NA variability (but not NA instability) was associated with reduced depressive symptoms. These results indicate that high affect variability may not always signal emotional dysregulation and even be beneficial for those with high NA levels. Overall, this underscores the need for a more nuanced understanding of affect variability in depressive symptoms.