An experimental system has been commissioned which allows the collection of time-resolved simultaneous two-dimensional small-angle X-ray scattering/wide-angle X-ray scattering (SAXS/WAXS) and stress-strain data with a temporal resolution of 40 ms during the drawing of synthetic polymers. X-ray data collection is achieved via two CCD-based area detectors which are positioned in order to maximize the amount of scattering that can be observed from a particular sample. True stress-strain measurements are obtained from video extensometer and load cell measurements. The system was used at the Daresbury SRS to study the structural changes which occur in a sample of isotropic high-density polyethylene when subjected to an overall strain rate of approximate to 3 s(-1). It is shown that the onset of both a partial stress-induced crystal phase change and micro-voiding in the sample can be directly correlated to the point of yield in the true stress-strain curve.