This study examined the relations between and predictive power of three important subcomponents skills of reading comprehension: decoding, listening comprehension, and reading fluency. Through a series of structural equation models, we examine the relations within a full sample of first grade students at the beginning of the year (N = 290). Next, we conducted analyses to determine if differential relations exist between the variables in students who are identified as at-risk for reading failure, and potentially reading disability (n = 141) and those who are not (n = 149). Results indicate that in early first grade, the relations between the subcomponent skills are different dependent upon risk status. For the full sample, fluency was the strongest predictor of reading comprehension, followed by decoding and listening comprehension. When the sample was split based on early reading skills at the beginning of first grade, for the not at-risk students, fluency, decoding, and listening comprehension each made individual contributions to reading comprehension. For the at-risk students, decoding was only significantly related to reading comprehension via fluency; listening comprehension did not significantly predict reading comprehension for this subsample. The findings are discussed and related to implications for the development and implementation of early reading interventions for students who are identified as having reading difficulties and potentially reading disability.