Understanding how genetic variability is maintained in natural populations is of both theoretical and practical interest. In particular, the subdivision of populations into demes linked by low levels of migration has been suggested to play an important role. But the maintenance of genetic variation in populations is also often linked to the maintenance of sexual reproduction: any force that acts to maintain sex should also act to maintain variation. One theory for the maintenance of sex, the Red Queen, states that sex and variation are maintained by antagonistic coevolutionary interactions – especially those between hosts and their harmful parasites – that give rise to negative frequency-dependent selection. In this paper I present a model to examine the relationships between population subdivision, negative frequency-dependent selection due to parasites, the maintenance of sex, and the preservation of alleles from fixation. The results show strong interactions between migration rates, negative frequency-dependent selection, and the maintenance of variability for sexual and asexual populations.