The two classic theories for the existence of sexual replication are that sex purges deleterious mutations from a population, and that sex allows a population to adapt more rapidly to changing environments. These two theories have often been presented as opposing explanations for the existence of sex. Here, we develop and analyze evolutionary models based on the asexual and sexual replication pathways in Saccharomyces cerevisiae (Bakers yeast), and show that sexual replication can both purge deleterious mutations in a static environment, as well as lead to faster adaptation in a dynamic environment. This implies that sex can serve a dual role, which is in sharp contrast to previous theories.