In metals that are heavily cold deformed, for instance by a severe plastic deformation process, significant strengthening is caused by the high density of defects such as grain boundaries and dislocations. In this work a model for volume-averaged dislocation and grain boundary (GB) creation is used to show that unless significant annihilation of defects post deformation occurs, the dislocation densities and GB densities in the deformed material are closely correlated. The dislocation strengthening effect thus shows a strong correlation with GB strengthening, and correlation of strength or hardness with d 1/2 , where d is the grains size, as in a Hall-Petch type plot, can not be taken as an indication that GB strengthening dominates. Instead, in many SPD processed metals and alloys, dislocation strengthening is the dominant strengthening effect, even though a Hall-Petch type plot shows a good linear correlation.