Differences across strata (e.g., studies and populations), in genetic effects, phenotype measurement, and phenotype accuracy, lead to loss of signal [18–20]. Hence, such forms of heterogeneity attenuate the statistical power of a GWAS [17, 18, 21, 22] and the predictive accuracy of a PGS in a hold-out sample [23], and, thereby, contribute to the missing heritability. Since large-scale GWAS results are typically obtained from a meta-analysis of GWAS results from many different studies, we focus on the attenuation resulting from heterogeneity at the level of studies included in such a meta-analysis. Given the importance of discovering trait-affecting variants and obtaining accurate polygenic predictions, it is vital to understand to which extent cross-study heterogeneity attenuates the statistical power and predictive accuracy of GWAS efforts. By considering cross-study differences in genetic effects and heritability, we can quantify this attenuation.