Growing and changing demands on water supply, along with natural climate variability and possible anthropogenically induced climate change, make water resource management and planning increasingly challenging, particularly in arid regions. Instrumental climate and gaged streamflow records provide just a snapshop of recent natural hydrologic variability. In this paper, we use tree-ring-based annual streamflow reconstructions for the Sacramento River in California and the Blue River in western Colorado to analyze the temporal and spatial variability of widespread drought simultaneously affecting both basins over the past five centuries. Stability of joint-drought episodes and the covariation of reconstructed flows in the two basins are [...]