Theory suggests that the drivers of demographic variation and local adaptation are shared and may feedback on one other. Despite some evidence for these links in controlled settings, the relationship between local adaptation and demography remains largely unexplored in natural conditions. Using 10 years of demographic data and two reciprocal transplant experiments, we tested predictions about the relationship between the magnitude of local adaptation and demographic variation (population growth rates and their elasticities to vital rates) across 10 populations of a well-studied annual plant. In both years, we found a strong unimodal relationship between mean home-away local adaptation and stochastic population growth rates. Other predicted links were either weakly or not supported by our data. Our results suggest that declining and rapidly growing populations exhibit reduced local adaptation, potentially due to maladaptation and relaxed selection, respectively.