Background: The availability of both pedigree and genomic sources of information for animal breeding and genetics has created new challenges in understanding how best they may be utilized and how they may be interpreted. This study computed the variance components obtained using genomic information and compared these to the variances obtained using pedigree in a population generated to estimate non-additive genetic variance. Further, the impact of assumptions concerning Hardy-Weinberg Equilibrium (HWE) on the component estimates was examined. The magnitude of inbreeding depression for important commercial traits in Nile tilapia was estimated for the first time, here using genomic data. Results: The non-additive genetic variance in a Nile tilapia population was estimated from full-sib families and, where present, was found to be almost entirely additive by additive epistatic variance, although in pedigree studies this source is commonly assumed to arise from dominance. For body depth (BD) and body weight at harvest (BWH), the estimates of the additive by additive epistatic ratio (P<0.05) were found to be 0.15 and 0.17 in the current breeding population using genomic data. In addition, we found maternal variance (P<0.05) for BD, BWH, body length (BL) and fillet weight (FW), explaining approximately 10% of the observed phenotypic variance, which are comparable to the pedigree-based estimates. This study also disclosed detrimental effects of inbreeding in commercial traits of tilapia, which were estimated to cause 1.1%, 0.9%, 0.4% and 0.3% decrease in the trait value with 1% increase in the individual homozygosity for FW, BWH, BD and BL, respectively. The inbreeding depression and lack of dominance variance was consistent with an infinitesimal dominance model. Conclusions: An eventual utilisation of non-additive genetic effects in breeding schemes is not evident or straightforward from our findings, but inbreeding depression suggests for cross-breeding, although commercially this conclusion will depend on cost structures. However, the creation of maternal lines in Tilapia breeding schemes may be a possibility if this variation is found to be heritable.