People often think about how things could have been better or worse. People make these upward and downward comparisons in different situations and with differing emotional consequences. We investigated whether the direction of counterfactual comparisons affects people’s judgements of counterfactual closeness. In four preregistered experiments (N = 2,142), participants saw vignettes where agents lost or won a luck-based game. In Experiments 1, 2, and 4, participants judged counterfactual closeness in two ways: if a counterfactual outcome almost happened, and if it (...) easily could have happened. These judgments were affected by different factors, but did not substantially differ based on the direction of comparison. In Experiments 3 and 4, participants predicted agents’ emotions – whether losers would be sad, winners would be happy, and whether both would be surprised by the outcome. Emotion predictions showed similar patterns regardless of whether agents lost or won. Participants predicted stronger emotional reactions when the prior probability of the counterfactual outcome was high rather than low, though this effect was somewhat stronger when agents lost. Together, these findings join recent work in suggesting that Almost and Easily judgments tap into distinct forms of counterfactual closeness, and also suggest this distinction is robust to the direction of counterfactual reasoning. (shrink)