The personality stereotypes of two Finno-Ugric ethnic groups, Erzians and Mokshans, who live together with Russians in the Republic of Mordovia, Russian Federation, were studied. As in previous studies, we found little support for the idea that ethnic personality stereotypes describe accurately, or even in an exaggerated manner, actual personality dispositions to think, feel, and behave in a characteristic way. The mean self-reported personality traits of participants were mostly identical, irrespective of the ethnic group they belong to. Erzians' personality stereotypes about a typical Mokshan and, in turn, Mokshans' stereotypes about a typical Erzian were socially less favorable compared with the way in which both ethnic groups perceived a typical Russian and, especially, a representative of their own ethnic group. As both in-group and out-group personality stereotypes were largely unfounded, there was no support for the primordial or essentialist account of ethnic stereotypes. The main function of the polarization of personality stereotypes may, thus, be symbolic self-identification and differentiation from other very similar ethnic groups.