Over the last 20 years an increasing number of districts have implemented weighted student funding (WSF) policies that distribute resources to schools in ways that more accurately reflect the level students may require and provide principals with expanded flexibility in the use of funds. This study uses an event study model to examine whether student academic performance trends for a sample of 18 districts between 2009 and 2016 outpaced those in districts that did not implement WSF. We find a positive relationship overall between the implementation of WSF and increased math and ELA test scores for the total student population, specifically for ELA in the first year after WSF implementation. We find similar results for black students. We also see that WSF implementation is related to a decline in the disparity in ELA and math scores between white and black students. These trends, however, are a continuation of results these districts had prior to the policy.