Every salmon species has a calling card. Chinook salmon are known for old age and large size. Sockeye salmon rely on lakes and plankton. Pink salmon thrive through sheer abundance and a rigid two-year cycle.
Steelhead’s superpower is diversity.
They display more life histories than any other salmonid in the North Pacific. That diversity spreads risk across space and time, often called the “portfolio effect.” Like a diversified investment portfolio, different life histories perform better under different ocean and river conditions. When one struggles, another may succeed.
Diversity functions as biological insurance.
The Hoh River study found that this insurance policy is waning in two important ways.
First, there has been a significant decline in the oldest ocean-age fish among maiden spawners (see Figure 1 from the study below). The OP is famous for large steelhead, yet both the data and my own long-term observations suggest fewer older, larger fish. Second, repeat spawners have declined sharply. This pattern has been evident for years in both the Hoh and Queets.
These findings may sound academic, but they are not. Older females produce more eggs. Larger males fertilize more eggs. Repeat spawners do something even more important: they connect brood years. If one year of juveniles experiences poor survival, repeat spawners from earlier cohorts can still contribute offspring. That spreads risk across years.
This ability is compromised when diversity is diminished.