Plant ecotypes represent heterogeneous, local adaptation of domesticated species and thereby provide genetic resources that meet current and new challenges for farming in drought-prone environments. A total of 536 Sardari bread wheat ecotypes, assembled from different geographical regions of Iran, were studied under rainfed cold conditions for three cropping seasons (2009–12). The main objectives were to (i) quantify the performance of the Sardari wheat ecotypes under cold rainfed conditions and (ii) provide information that would enable germplasm management and utilization in wheat breeding programmes to enhance the development of better adapted varieties for the rainfed cold conditions of Iran. All the ecotypes were evaluated for grain yield and several drought-adaptive traits. Combined analysis of variance indicated significant differences between years, ecotypes and their interaction effects for each studied trait. The Sardari wheat ecotypes showed considerable variability for the phenotypic traits and stability performance that could be utilized for wheat improvement in cold rainfed areas. Many of the Sardari wheat ecotypes exhibited a high combination of yield and stability for both drought and cold stresses, comparable to control cultivars. Multivariate analyses indicated several significant patterns among ecotypes from different geographical regions. In conclusion, selection from current Sardari wheat ecotypes may lead to yield stability and specific adaptation, which provides opportunities for this collection to be useful for genetic improvement of drought tolerance in bread wheat.