Purpose <p>Previous research has established the link between adversity and social-contextual factors in relation to psychopathology. However, psychopathology and wellbeing are distinct dimensions of mental health, highlighting the need to differentiate these relationships. The current study explored the association between an individual’s context (i.e., stressors and social systems) and both psychopathology and wellbeing.</p> Methods <p>Data came from a 2022 nationally representative cross-sectional survey that included Canadian residents above the age of 19. Participants (<i>n</i> = 8,967) were recruited by Statistics Canada, and data about demographic characteristics, contextual factors, and mental health were collected using computer-assisted telephone interviews. Pre-registered psychometric network analysis with survey weights explored the partial correlations between variables of interest in a facet-level, and two (psychopathology, wellbeing) item-level networks.</p> Results <p>Results revealed that current stress and negative social interactions provided a link between childhood adversity and psychopathology. Perceived life stress and loneliness were the most central nodes in the facet-level network, and item-level networks, respectively. Positive contextual factors were more strongly associated with wellbeing, and negative factors with psychopathology.</p> Conclusion <p>These findings highlight the importance of considering contextual factors in relation to mental health, and how these relationships may differ by valence of mental health (i.e., psychopathology vs. wellbeing). This understanding can inform the development and implementation of interventions that holistically support mental health.</p>