In this study, the growth and physiological performance of four newly bred black locust (Robinia pseudoacacia L.) clones (‘NK1’, ‘NK2’, ‘PL040’, ‘PL251’) together with one registered in Hungary (‘Üllői’) were monitored and compared in a field experiment located in the dry temperate climatic zone of Eastern Central Europe. Tree height and diameter at breast height were measured monthly during May–August 2022, an extremely dry period. Ecophysiological parameters such as leaf temperature, vapor pressure deficit, intercellular carbon dioxide level, transpiration and assimilation rates, and stomatal conductance to water and CO2 were measured in situ. There was a high clonal effect on survival rate and growth of the trees and on the physiological parameters. ‘NK1’ performed best regarding height (1.88 m), while ‘PL040’ (23.76 mm) had the highest diameter increment (n = 16–26). The highest carboxylation efficiency was found in ‘NK2’ (0.077 µmol m−2 s−1), while the lowest was in ‘NK1’ (0.035 µmol m−2 s−1), not showing a significant difference from the ‘Üllői’. Water-use efficiency values were found to be the highest in ‘NK2’ and ‘Üllői’ (4.92 and 4.78 kg m−3, respectively). Ci was found to be maximum in ‘NK1’ and ‘PL040’ (286.15 and 287.37 µmol mol−1, respectively), while it was minimum in ‘Üllői’ (248.30 µmol mol−1). Physiological parameters were found to be significantly different in the clones due to their genetic differences. A strong positive correlation was found between the transpiration and the assimilation rates (r = 0.843–0.994). Within the growing period, the loss of leaves due to abiotic stress was 0 for ‘NK1’ and negligible for the others. ‘NK2’ stood out among the other clones in most of the parameters tested (height, thickness, assimilation, WUE). In addition to its high photosynthetic intensity, its water-use efficiency was also high.