We estimate the correlation between life satisfaction and affect—two conceptually distinct dimensions of subjective well-being. We propose a simple model that distinguishes between a stable and a transitory component of affect, and which also accounts for measurement error in self-reports of both variables, including current-mood bias effects on life satisfaction judgments. The model is estimated using momentarily measured well-being data, from an experience sampling survey that we conducted on a population sample of Swedes aged 18–50 (n = 252). Our main estimates of the correlation between life satisfaction and long-run affective well-being range between 0.78 and 0.91, indicating a stronger convergence between these variables than many previous studies that do not account for measurement issues.