In a sample of 121 HIV‐positive (HIV+) and 84 HIV‐negative (HIV‐) gay and bisexual men in the New York City area, sexual behavior and functioning were assessed by interview and correlated with symptoms and signs of HIV‐disease progression. There was considerable variability in sexual partner numbers and behaviors, and a substantial proportion of men in both groups engaged in sexual practices that put themselves or their partners at risk for HIV infection. Few differences emerged. In particular, HIV+ men had significantly higher numbers of male sexual partners during their lifetime and higher rates of certain anal‐intercourse practices currently than HIV‐men did. HIV+ men also reported experiencing significantly more frequent problems with sexual interest, pleasure, and erection, but not with orgasmic functioning. Within the HIV+ group, several risk behavior variables but none of the sex problem variables were correlated with symptoms and signs of HIV disease.