The purpose of this study was to evaluate the prospective associations between negative emotionality, perceived stress, and depressive symptomology in a longitudinal sample of first-year college students (N = 209, similar to 62 % female, similar to 90 % white, Southeastern USA). Data assessment points were in the first and second years of college as well as similar to four years after baseline (retention rates >= 80 %). Results from our random-intercept cross-lagged panel model (RI-CLPM) showed robust evidence that negative emotionality, perceived stress, and depressive symptoms were strongly influenced by stable, trait-like influences over time. These latent factors were also moderately to strongly correlated. After accounting for these between-person effects, there was comparatively weak evidence of any within-person change in one variable leading to meaningful change in another. Even the within-person (residual) correlations increased with time, suggesting these constructs became increasingly interdependent. Results best support a co-development model of negative emotionality, perceived stress, and depressive symptom development concerning the population of emerging adults transitioning through college.