As humans age, the amount of intra-individual variability (IIV) present in both their gait and their cognitive performance tends to increase. Both gait and cognitive IIV are associated with attentional control and with cerebrovascular disease, suggesting that the IIV in gait and cognitive function should be strongly correlated in the elderly. In this study temporal gait variability was determined from a 60-second period of walking. Cognitive variability was determined from two decision-time tasks assessing inhibition. Despite the presence of substantial amounts of gait and cognitive IIV in 71 elderly individuals, there were no significant correlations between measures of cognitive and gait IIV, suggesting that different factors drive IIV in the motor and cognitive performance of older individuals. These results are not consistent with the common cause theory of aging, which predicts that cognitive and sensorimotor performance should show related declines due to age-related disruption of a common neurological substrate.