Biocomplexity contributes to asynchronous population dynamics, buffering stock complexes in temporally variable environments, a phenomenon referred to as a “portfolio effect”. We previously revealed a weakened but persistent portfolio effect in California’s Central Valley fall-run Chinook salmon (Oncorhynchus tshawytscha), despite considerable degradation and loss of habitat. Here, we further explore the timing of changes in variability and synchrony and relate these changes to factors hypothesized to influence variability in adult abundance, including hatchery release practices and environmental variables. We found evidence for increasing synchrony among fall-run populations that coincided temporally with increased off-site hatchery releases into the estuary but not with increased North Pacific environmental variability (measured by North Pacific Gyre Oscillation), nor were common trends well explained by a suite of environmental covariates. Moreover, we did not observe a simultaneous increase in synchrony in the nearby Klamath–Trinity system, where nearly all hatchery releases are on-site. Wavelet analysis revealed that variability in production was higher and at a longer time period later in the time series, consistent with increased environmental forcing and a shift away from dynamics driven by natural spawners. © 2015, National Research Council of Canada. All rights reserved.