Several studies have shown structural and statistical similarities between the Diagnostic and Statistical Manual of Mental Disorders (5th ed.; DSM‐5) alternative personality disorder model and the Five‐Factor Model (FFM). However, no study to date has evaluated the nomological network similarities between the two models. The relations of the Revised NEO Personality Inventory (NEO PI‐R) and the Personality Inventory for DSM‐5 (PID‐5) with relevant criterion variables were examined in a sample of 336 undergraduate students (Mage = 19.4; 59.8% female). The resulting profiles for each instrument were statistically compared for similarity. Four of the five domains of the two models have highly similar nomological networks, with the exception being FFM Openness to Experience and PID‐5 Psychoticism. Further probing of that pair suggested that the NEO PI‐R domain scores obscured meaningful similarity between PID‐5 Psychoticism and specific aspects and lower‐order facets of Openness. The results support the notion that the DSM‐5 alternative personality disorder model trait domains represent variants of the FFM domains. Similarities of Openness and Psychoticism domains were supported when the lower‐order aspects and facets of Openness domain were considered. The findings support the view that the DSM‐5 trait model represents an instantiation of the FFM.