Are the factors associated with the fear of crime in the general population the same as those operating with especially vulnerable subgroups? If not, how and why are they different? Previous studies concerning the fear of crime have identified certain vulnerability factors as being associated with higher levels of fear. These include, for instance, being female, living in certain ghetto areas, and being elderly. Because many of these studies focused upon fear in the general population, however, they assumed a certain homogeneity of fear, whether it be among women, among the elderly, among Blacks, etc. They failed to make distinctions based upon relative degrees of vulnerability. They also generally neglected the notion of fear management—of coping. This research addresses these concerns. Two hundred homeless women (defined here as homeless adult females living on the streets), were interviewed in New York City. Among other things, they were asked about their crime risks and their crime fears. Results indicate that fear of crime is higher among those street women who have suffered past victimization. It is also slightly higher among those who perceived themselves to be more vulnerable. Perhaps most interesting is the finding that there is only a low correlation between self-perceived vulnerability to victimization and the fear of crime. This supports the proposition that these are two distinctive concepts; and, most importantly, it does so in the context of a particularly vulnerable population. Possible explanations of a seemingly paradoxical situation, namely high vulnerability existing side by side with a low fear of crime, are explored and discussed.