The sensitivity of Northern Hemisphere sea ice cover to global temperature change is examined in a group of climate models and in the satellite-era observations. The models are found to have well-defined, distinguishable sensitivities in climate change experiments. The satellite-era observations show a larger sensitivity—a larger decline per degree of warming—than any of the models. To evaluate the role of natural variability in this discrepancy, the sensitivity probability density function is constructed based upon the observed trends and natural variability of multidecadal ice cover and global temperature trends in a long control run of the GFDL Climate Model, version 2.1 (CM2.1). This comparison shows that the model sensitivities range from about 1 to more than 2 pseudostandard deviations of the variability smaller than observations indicate. The impact of natural Atlantic multidecadal temperature trends (as simulated by the GFDL model) on the sensitivity distribution is examined and found to be minimal.