Higher education across the world is currently in the throes of assuming a commitment to diversity. However, certain critical positions maintain that such evolution is still guided by market principles. Within such a context, this paper explores what attention is given to diversity in Spanish university policies and practices and how it relates to key productivity indicators. To do so, a study with a descriptive and correlational design was conducted, based on analysing institutional documents and surveying chief diversity officers, techniques which provided evidence about diversity philosophy and practices, respectively. The results revealed at least an average level of institutionalisation of diversity, although it did not demonstrate, in most of the areas, any association with indicators derived from a consolidated ranking by productivity in Spain. The conclusion is that Spanish universities have adopted an asymmetric dual model, in which neo-liberal ideas maintain their hegemony while, although subordinately, certain innovations have been consolidated in parallel in order to protect a number of vulnerable groups under the rhetoric of equity and social justice.