Impulsive/disinhibitory personality traits have consistently been associated with externalizing symptomatology such as delinquency and substance use problems, often starting in adolescence. Yet the etiological nature of this co-occurrence is not well understood. Using a classic twin study design with self-report data from 717 male and female twin pairs, aged 15–18 years, a hierarchical psychometric model was examined. In this model the shared variance and etiological structure between control, delinquency and substance abuse symptoms, was modeled through a common externalizing factor. Model fitting indicated that the genetic and environmental influences differed in strength between male and female adolescents. The heritability of the externalizing factor was 45% in males and 10% in females, though neither was statistically different from zero. A statistically significant influence of shared environmental factors was seen for both sexes, 21% in males and 54% in females. In both sexes, the externalizing factor accounted for little variance in control, indicating a weak association and little shared etiology with externalizing liability. These results illuminate further that facets of impulsivity are differentially associated with vulnerability for externalizing symptomatology.