Shoaling behavior of young-of-year Gobiusculus flavescens was studied in the lab and in the field outside Kristineberg Marine Research Station, in the Gullmar fjord, Sweden. Natural shoals varied in size from a few to several hundred fish, and were found to be assorted by body size. The structure of the shoals was very dynamic, and any particular group of individuals was unlikely to stay together for more than a few hours. In aquarium experiments, individual G. flavescens preferred joining a small shoal of conspecifics to being on their own. Also, larger shoals were preferred over smaller shoals. Large fish preferred the company of fish of matching body size. Small fish, however, did not show size assortative preferences. Focal fish showed no significant preference for shoaling with familiar compared to unfamiliar fish, not even under predator threat. The results are discussed in view of theories concerning the adaptive basis of shoaling behavior, such as dilution, confusion and oddity effects.