Population characteristics of gizzard shad, Dorosoma cepedianum (Lesueur), an ecologically important fish species in Midwestern and southern USA impoundments, vary widely among water bodies. Impoundment productivity is known to influence population variables (e.g., recruitment, growth, mortality, size and age composition), but the role of impoundment morphometry (e.g., surface area, depth) is unknown. Differences in population characteristics of gizzard shad were compared between large and small impoundments across an impoundment–productivity gradient (indexed by total phosphorus [TP] concentration). Populations shifted from those comprised mostly of low abundances (indexed by catch per unit effort [CPUE], fish/hr of electric fishing) of long‐lived, large adults to those comprised of high abundances of short‐lived, small adults as TP increased. However, the trends in population variables across the TP gradient were less apparent in small impoundments than in large impoundments owing to considerable variation at a given TP level. Further analysis revealed that CPUE of gizzard shad was lowest in the smallest impoundments (<33 ha surface area) regardless of TP concentrations, probably because of more frequent winter kills. Overall, population characteristics were influenced by both density‐dependent effects and impoundment characteristics. Characteristics of gizzard shad were highly variable among populations, which have important consequences for ecosystem structure and function.