Abstract Interpopulation improvement for crosses of close populations in crops and livestock depends on the amount of heterosis and the amount of variance of dominance deviations in the hybrids. It has been intuited that the further the distance between populations, the lower the amount of dominance variation and the higher the heterosis. Although experience in speciation and interspecific crosses shows, however, that this is not the case when populations are so distant—here we confine ourselves to the case of not-too-distant populations typical in crops and livestock. We present equations that relate the distance between 2 populations, expressed as Nei's genetic distance or as correlation of allele frequencies, quadratically to the amount of dominance deviations across all possible crosses and linearly to the expected heterosis averaging all possible crosses. The amount of variation of dominance deviations decreases with genetic distance until the point where allele frequencies are uncorrelated, and then increases for negatively correlated frequencies. Heterosis always increases with Nei's genetic distance. These expressions match well and complete previous theoretical and empirical findings. In practice, and for close enough populations, they mean that unless frequencies are negatively correlated, selection for hybrids will be more efficient when populations are distant.