Stomatal, CO2 exchange parameters and several leaf and growth traits were recorded in a five-year-old hybrid aspen clone trial. The field trial consisted of four aspen hybrid clones (Populus tremula L. x P. tremuloides Michx.) and one local Populus tremula seedling source. The mean estimated height of hybrid aspen clones was 1.6 times higher than for P. tremula. Similarly, basal diameter was 1.5 times and breast diameter 1.8 times higher in the hybrids. Differences were observed for physiological and growth traits among hybrid clones and P. tremula, but, only stomatal characters of hybrid clones differed significantly from those in P. tremula. Hybrid clones had larger guard cells (22.9 mm) than P. tremula (19.2 mm), whereas P. tremula had a higher stomatal density (211.3/mm2) than the hybrid clones (164.4/mm2). Among four hybrid clones, net photosynthesis was strongly correlated with foliar nitrogen. Height correlated significantly with foliar nitrogen, but negatively with leaf fresh weight, leaf dry weight and stomatal density. The results suggested that yield components could be controlled by many genes, specific to each clone. No single gas exchange or morphological variable can provide a reliable indicator of yield potential.