We studied the evolution of the correlation between growth rate r and yield K in experimental lineages of the yeast Saccharomyces cerevisiae. First, we isolated a single clone every ~250 generations from each of eight populations selected in a glucose-limited medium for 5000 generations at ~6.6 population doublings per day (20 clones per line × 8 lines) and measured its growth rate and yield in a new, galactose-limited medium (with ~1.3 doubling per day). For most lines, r on galactose increased throughout the 5000 generations of selection on glucose while K on galactose declined. Next, we selected these 160 glucose-adapted clones in the galactose environment for ~120 generations and measured changes in r and K in galactose. In general, growth rate increased and yield declined, and clones that initially grew slowly on galactose improved more than did faster clones. We found a negative correlation between r and K among clones both within each line and across all clones. We provide evidence that this relationship is not heritable and is a negative environmental correlation rather than a genetic trade-off.