A transactional approach to relationships over time between perceived HIV stigma and the psychological and physical well-being of people with HIV.

•A transactional relationship between stigma and well-being is proposed.•People with HIV were followed over two 90-day periods.•Perceived HIV stigma predicted reduced psychological well-being, and vice versa.•Perceived stigma had a unidirectional relationship with physical well-being.•Stigma and psychological well-being may mutually reinforce each other.