This study investigates whether lower self-regulation (SR) facets are risk factors for internalizing symptoms (vulnerability models), consequences of these symptoms (scar models), or develop along the same continuum and thus share common causes (spectrum models) during middle childhood. To analyze these models simultaneously, a random intercept cross-lagged panel model was estimated using Mplus. Data were assessed at three measurement time points in a community-based sample of N = 1657 (52.2% female) children in Germany, aged 6–13. Internalizing symptoms were measured via parent report by the emotional problems scale of the Strengths and Difficulties Questionnaire. Seven SR facets were assessed behaviorally, via parent report and teacher report. At the within-person level, internalizing symptoms were concurrently associated with emotional reactivity at all measurement time points, while no cross-lagged paths reached significance. At the between-person level, internalizing symptoms were associated with working memory updating (r = −.29, p < .001), inhibitory control (r = −.29, p < .001), planning behavior (r = −.49, p < .001), and emotional reactivity (r = .59, p < .001). As internalizing symptoms and SR facets were primarily associated at the between-person level, the results lend support to spectrum models suggesting common causes of internalizing symptoms and impaired SR.