While genetic resources provide an invaluable gene pool for crop breeding, the majority of accessions in germplasm collections remain uncharacterized and their potential to improve stress adaptation is not quantified. A selection of 25 elite genetic resources for wheat (Triticum aestivum L.) were characterized for agronomic and physiological trait expression in drought- and heat-stessed environments. Under drought, the physiological traits best associated with yield were canopy temperature, associated with water uptake, und carbon isotope discrimination, associated with transpiration efficiency. Under heat stress stomatal conductance, leaf chlorophyll content, and canopy temperature (associated with radiation use efficiency in this environment) were well correlated with yield. Theoretical yield gains based on extrapolating the best trait expression to the highest yielding backgrounds were also estimated. Under drought, the best expression of canopy temperature and carbon isotope discrimination suggested petential yield gains of approximately 10 and 9% above the best yielding cultivars, respectively; under heat stress, canopy temperature and remobilization of stem carbohydrates suggested potential yield gains of approximately 7 and 9%, respectively. Other physiological trait expression was associated with potential yield gains to varying degrees. When considering agronomic traits, the best expression of harvest index suggested yield gains of approximately 14 and 24% in drought and hot environments, respectively, while the combined best expression of both harvest index and final aboveground biomass suggested yield gains of 30 and 34%, respectively. Principal component analysis indicated that mass were not strongly associated with each other, suggesting potential cumulative gene action for yield if traits were combined. When comparing trait expression across drought and hot environments, several physiological traits (e.g., canopy temperature) showed closer association with each other than did performance traits, supporting the idea that such stress-adaptive traits have genetic value across stresses.