Rheological and solid‐state physical properties of blends containing high‐density polyethylene (HDPE) and a polyampholyte derivative (PE‐g‐PA) are assessed along with their onium ion‐exchanged montmorillonite clay (NR‐MM) nanocomposites. Strong deviations from the log‐additivity rule of zero‐shear viscosity, combined with synergistic behavior in tensile moduli, are consistent with a multi‐phase blend morphology. While this affects clay dispersion in filled blends, PE‐g‐PA/HDPE based nanocomposites are shown to exhibit a favorable balance between material stiffness and ductility.