The assimilation of remotely sensed soil moisture information into a land surface model has been shown in past studies to contribute accuracy to the simulated hydrological variables. Remotely sensed data, however, can also be used to improve the model itself through the calibration of the model's parameters, and this can also increase the accuracy of model products. Here, data provided by the Soil Moisture Active/Passive (SMAP) satellite mission are applied to the land surface component of the NASA GEOS Earth system model using both data assimilation and model calibration in order to quantify the relative degrees to which each strategy improves the estimation of near-surface soil moisture and streamflow. The two approaches show significant complementarity in their ability to extract useful information from the SMAP data record. Data assimilation reduces the ubRMSE (the RMSE after removing the long-term bias) of soil moisture estimates and improves the timing of streamflow variations, whereas model calibration reduces the model biases in both soil moisture and streamflow. While both approaches lead to an improved timing of simulated soil moisture, these contributions are largely independent; joint use of both approaches provides the highest soil moisture simulation accuracy.