Determining what factors contribute to the yield difference that exists between hulled and hulless winter barley (Hordeum vulgare L.) is necessary for continued yield improvement in the hulless barley germplasm pool. This yield difference is a major factor limiting the acceptance and production of hulless barley as an alternative to traditional hulled barley. Experiments were conducted in Warsaw, VA, during 2010/2011 and 2011/2012 and in Blacksburg, VA, during 2011/2012. Seedling emergence, plants per square meter, normalized difference vegetative index, heading date, spikes per square meter, plant height, lodging, yield, grain volume weight, 1000 kernel weight, spikelets per spike, seeds per spike, seed weight per spike, ash, crude fiber, fat, protein, and starch were measured. Grain volume weight and protein concentration were significantly (p ≤ 0.05) higher for hulless genotypes while seedling emergence and grain ash concentration were significantly (p ≤ 0.05) higher for hulled genotypes. Other traits measured in the study varied by population and environment. On the basis of linear regression analysis, none of the traits explained yield variation in all populations and environments. Before adjustment for hull weight, hulless genotypes yielded significantly (p ≤ 0.05) less than hulled genotypes on average in all populations at Warsaw and for population 1 at Blacksburg during the 2011/2012 growing season. After adjustment for hull weight, yield potential of select hulless genotypes was statistically similar to that of hulled genotypes. Therefore, it is possible to identify hulless genotypes having yield potentials equal to those of their hulled sibs.