Guided by General Theory of Crime and Psychosocial Maturity Hypothesis, we investigated co-development between short-term mindsets (impulsivity and future orientation) and risk behaviors (cannabis use and delinquency). Parallel process latent growth modeling on three-wave data from ethnically diverse Swiss adolescents (N = 1365; Mage 13.67 years, 48.6% female), showed baseline-level associations between short-term mindsets and risk behaviors, and between the two risk behaviors. Additionally, correlated change (co-development) existed between short-term mindsets-particularly impulsivity-and delinquency, but not between short-term mindsets and cannabis use. These results support the above-mentioned theories and emphasize the importance of investigating the correlates of change in delinquency and cannabis use separately, as divergent findings might emerge. These divergent findings could partially stem from Switzerland's liberal views on cannabis use.