Measures mitigating the climate crisis, such as paludiculture, which is the agriculture on rewetted peatlands, are urgently needed. The cosmopolitan species Phragmites australis has the potential to be used in paludiculture worldwide but is known for its high intraspecific variation. This raises the questions of whether (i) P. australis genotypes differ even at a regional scale, making them differently well suited for paludiculture and (ii) P. australis performance can be predicted by linking the variation in genotypes to strategies in the plant economics spectrum. Five P. australis genotypes from Mecklenburg-Western Pomerania were cultivated in two 10-month mesocosm experiments along gradients of water level and nutrient addition. We compared growth, morphology (height, growing density), above- and belowground biomass, functional and ecophysiological traits (SLA, LDMC, SRL, RDMC, root porosity, photosynthetic rate) as well as gene expression. Our results demonstrate a high variability of P. australis genotypes even at a regional scale, revealing genotype-specific productivity, morphology, and gene expression and implying that the selection of suitable genotypes will be crucial for the success of a paludiculture. However, trait covariation did not indicate distinct plant economic strategies to predict genotype performance. Instead, large-scale genotype trials are needed to select suitable genotypes for paludiculture.