The removal or addition of a predator in an ecosystem can trigger a trophic cascade, whereby the predator indirectly influences plants and/or abiotic processes via direct effects on its herbivore prey. A trophic cascade can operate through a density‐mediated indirect effect (DMIE), where the predator reduces herbivore density via predation, and/or through a trait‐mediated indirect effect (TMIE), where the predator induces an herbivore trait response that modifies the herbivore's effect on plants. Manipulative experiments suggest that TMIEs are an equivalent or more important driver of trophic cascades than are DMIEs. Whether this applies generally in nature is uncertain because few studies have directly compared the magnitudes of TMIEs and DMIEs on natural unmanipulated field patterns. A TMIE is often invoked to explain the textbook trophic cascade involving wolves (Canis lupus), elk (Cervus canadensis), and aspen (Populus tremuloides) in northern Yellowstone National Park. This hypothesis posits that wolves indirectly increase recruitment of young aspen into the overstory primarily through reduced elk browsing in response to spatial variation in wolf predation risk rather than through reduced elk population density. To test this hypothesis, we compared the effects of spatiotemporal variation in wolf predation risk and temporal variation in elk population density on unmanipulated patterns of browsing and recruitment of young aspen across 113 aspen stands over a 21‐year period (1999–2019) in northern Yellowstone National Park. Only 2 of 10 indices of wolf predation risk had statistically meaningful effects on browsing and recruitment of young aspen, and these effects were 8–28 times weaker than the effect of elk density. To the extent that temporal variation in elk density was attributable to wolf predation, our results suggest that the wolf–elk–aspen trophic cascade was primarily density‐mediated rather than trait‐mediated. This aligns with the alternative hypothesis that wolves and other actively hunting predators with broad habitat domains cause DMIEs to dominate whenever prey, such as elk, also have a broad habitat domain. For at least this type of predator–prey community, our study suggests that risk‐induced trait responses can be abstracted or ignored while still achieving an accurate understanding of trophic cascades.