Threshold functions for sinusoidal depth corrugations typically reach their minimum (highest sensitivity) at spatial frequencies of 0.2-0.4 cycles/degree (cpd), with lower thresholds for horizontal than vertical corrugations at low spatial frequencies. To elucidate spatial frequency and orientation tuning of stereoscopic mechanisms, we measured the disparity sensitivity functions, and used factor analytic techniques to estimate the existence of independent underlying stereo channels. The data set (N = 30 individuals) was for horizontal and vertical corrugations of spatial frequencies ranging from 0.1 to 1.6 cpd. A principal component analysis of disparity sensitivities (log-arcsec) revealed that two significant factors accounted for 70% of the variability. Following Varimax rotation to approximate "simple structure", one factor clearly loaded onto low spatial frequencies (≤0.4 cpd), and a second was tuned to higher spatial frequencies (≥0.8 cpd). Each factor had nearly identical tuning (loadings) for horizontal and vertical patterns. The finding of separate factors for low and high spatial frequencies is consistent with previous studies. The failure to find separate factors for horizontal and vertical corrugations is somewhat surprising because the neuronal mechanisms are believed to be different. Following an oblique rotation (Direct Oblimin), the two factors correlated significantly, suggesting some interdependence rather than full independence between the two factors.