Healthy news consumption requires limited exposure to unreliable content and ideological diversity in the sources consumed. There are two challenges to this normative expectation: the prevalence of unreliable content online; and the prominence of misinformation within individual news diets. Here, we assess these challenges using an observational panel tracking the browsing behavior of N ≈ 140,000 individuals in the United States for 12 months (January–December 2018). Our results show that panelists who are exposed to misinformation consume more reliable news and from a more ideologically diverse range of sources. In other words, exposure to unreliable content is higher among the better informed. This association persists after we control for partisan leaning and consider inter- and intra-person variation. These findings highlight the tension between the positive and negative consequences of increased exposure to news content online.