Diminishing Manufacturing Sources and Material Shortages (DMSMS) obsolescence of components and subsystems is a risk driver for long field -life defense systems such as aircraft, ships and avionics. Over their life in service, a substantial number of components required to produce and support such systems will become no longer available from the Original Component Manufacturers. There are different approaches to manage DMSMS obsolescence, some of which lead to the purchase of replacement parts from unreliable sources, hence, providing an opportunity for the infiltration of counterfeit parts. Counterfeits can contaminate the part supply source, further magnifying the obsolescence problem. Validating and understanding the correlation between obsolescence and counterfeits are important and necessary steps to improve decision-making and the management of both obsolescence and counterfeits. This paper describes an investigation of the correlation between DMSMS obsolescence and counterfeit electronics. A description of the study and the positive correlation results, as verified by statistical testing using the historical annual data of obsolescence and counterfeit reporting from the Government-Industry Data Exchange Program, are provided.