Interhemispheric inhibition (IHI) is essential for dexterous motor control. Small previous studies have shown differences in IHI in musicians compared to non-musicians, but it is not clear whether these differences are robustly linked to musical performance. In the largest study to date, we examined IHI and comprehensive measures of dexterous bimanual performance in 72 individuals (36 musicians and 36 non-musicians). Dexterous bimanual performance was quantified by speed, accuracy, and evenness derived from a series of hand tasks. As expected, musicians significantly outperformed non-musicians. Surprisingly, these performance differences could not be simply explained by IHI, as IHI did not significantly differ between musicians and non-musicians. However, canonical correlation analysis revealed a significant relationship between combinations of IHI and performance variables in the musician group. Specifically, we identified that IHI may contribute to the maintenance of evenness regardless of speed, a feature of musical performance that may be driven by practice with a metronome. Therefore, while IHI changes by themselves may not be sufficient to explain superior hand dexterity exhibited by musicians, IHI may be a potential neural correlate for specific features of musical performance.