Abstract: Decision-makers are keen to learn which policy instruments are most effective at preserving forest cover. Using data from a patchwork of programs designed to preserve the overwintering forest habitat of the Monarch butterfly in central Mexico, we compare the effectiveness of three instruments to limit deforestation and forest degradation: logging bans, payment for ecosystem services (PES), and community forest management. Using a matched sample of one hectare parcels and a spatial lag model of deforestation, we find that PES is the most effective for limiting deforestation, particularly in those communities that previously had a forest management plan in place. PES and logging bans on their own are of limited use in limiting the loss of dense forest cover, while in those communities with pre-existing management plans, PES appears to protect dense forest. We also observe positive conservation effects of management on both forest and dense forest cover, and this effect increases the longer the plan is in place.