Species' functional traits may help determine rates of carbon gain, with physiological and morphological trade-offs relating to shade tolerance affecting photosynthetic capacity and carbon allocation strategies. However, few studies have examined these trade-offs from the perspective of whole-plant biomass gain of adult trees. We compared tree-level annual diameter increments and annual above-ground biomass (AGB) increments in eight long-term plots in hyper-diverse northwest Amazonia to wood density (rho; a proxy for shade tolerance), whilst also controlling for resource supply (light and soil fertility). rho and annual diameter increment were negatively related, confirming expected differences in allocation associated with shade tolerance, such that light-demanding species allocate a greater proportion of carbon to diameter gain at the expense of woody tissue density. However, contrary to expectations, we found a positive relationship between rho and annual AGB increment in more fertile sites, although AGB gain did not differ significantly with rho class on low-fertility sites. Whole-plant carbon gain may be greater in shade-tolerant species due to higher total leaf area, despite lower leaf-level carbon assimilation rates. Alternatively, rates of carbon loss may be higher in more light-demanding species: higher rates of litterfall, respiration or allocation to roots, are all plausible mechanisms. However, the relationships between rho and AGB and diameter increments were weak; resource availability always exerted a stronger influence on tree growth rates.