In this paper we compare Leitgeb’s stability theory of belief and Spohn’s ranking-theoretic account of belief. We discuss the two theories as solutions to the lottery paradox. To compare the two theories, we introduce a novel translation between ranking functions and probability functions. We draw some crucial consequences from this translation, in particular a new probabilistic belief notion. Based on this, we explore the logical relation between the two belief theories, showing that models of Leitgeb’s theory correspond to certain models (...) of Spohn’s theory. The reverse is not true. Finally, we discuss how these results raise new questions in belief theory. In particular, we raise the question whether stability is rightly thought of as a property pertaining to belief. (shrink)