Under ideal conditions, continuous arterial spin labeling (ASL) techniques are higher in SNR than pulsed ASL techniques by a factor of e. Presented here is a direct theoretical and experimental comparison of continuous ASL and pulsed ASL, using versions of both that are amenable to multislice imaging and insensitive to variations in transit times (continuous ASL with a delay before imaging, and QUIPSS II (Quantitative Imaging of Perfusion Using a Single Subtraction-second version)). Perfusion image quality for comparable imaging time was nearly identical for both single-slice and multislice imaging. The measured raw signal was approximately 25% higher with continuous ASL, but the SNR per unit time was identical.