It is often said that there are two varieties of identity theory. Type-identity theorists interpret physicalism as the claim that every property is identical to a physical property, while token-identity theorists interpret it as the claim that every particular is identical to a physical particular. The aim of this paper is to undermine the distinction between the two. Drawing on recent work connecting generalized identity to truth-maker semantics, I demonstrate that these interpretations are logically equivalent. I then argue that each (...) has the resources to resolve problems facing the other. (shrink)