Leaves of many evergreen species turn red when exposed to high sunlight during winter due to production of photoprotective anthocyanin pigments, while leaves of other species, lacking anthocyanin, remain green. Why some evergreen species synthesise anthocyanin pigments while others do not is currently unknown. Furthermore, the relative photosynthetic performance of anthocyanic (red) and acyanic (green) evergreens has yet to be described. Here we present seasonal ecophysiological data for five red and green broadleaf evergreen species. We hypothesise that species which synthesise anthocyanins in winter leaves correspond to those with the most drastic seasonal photosynthetic declines, as reduced energy sinks increase vulnerability to photoinhibition and need for photoprotection. Our results did not support this hypothesis, as gas exchange measurements showed no difference in mean seasonal photosynthetic capacity between red- and green-leafed species. Consistent with anthocyanin’s shading effect, red-leafed species had significantly higher chlorophyll content, lower chlorophyll a/b ratios, and higher maximum light capture efficiency of PSII (F_v/F_m) than green-leafed species during the winter, but not during the summer (when all leaves were green). We conclude that anthocyanin production during winter is likely not associated with diminished photosynthetic capacity, and may simply represent an alternative photoprotective strategy utilised by some species during winter.