HLNE vs. FRHC

Last updated Jun 3, 2026

HLNE (Hamilton Lane Incorporated) and FRHC (Freedom Holding Corp.) are both stocks. Both are in the Financial Services sector — HLNE in Asset Management, FRHC in Capital Markets. Over the past 5 years, HLNE returned 1.40%/yr vs 24.48%/yr for FRHC. At a 0.32 correlation, their price movements are largely independent.

Performance

HLNE vs. FRHC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hamilton Lane Incorporated (HLNE) and Freedom Holding Corp. (FRHC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLNE achieves a -36.48% return, which is significantly lower than FRHC's 29.72% return.

HLNE

• 1D: -4.00%
• 1M: -8.32%
• YTD: -36.48%
• 6M: -29.29%
• 1Y: -42.06%
• 3Y*: 7.52%
• 5Y*: 1.40%
• 10Y*: —

FRHC

• 1D: 4.90%
• 1M: 16.82%
• YTD: 29.72%
• 6M: 18.80%
• 1Y: -1.71%
• 3Y*: 24.64%
• 5Y*: 24.48%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HLNE vs. FRHC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLNE Hamilton Lane Incorporated	-36.48%	-7.90%	32.40%	81.36%	-36.98%	34.74%	33.55%	64.25%	6.61%	29.60%
FRHC Freedom Holding Corp.	29.72%	-6.89%	62.15%	38.44%	-16.02%	35.12%	252.89%	76.03%	29.87%	227.84%

Correlation

The correlation between HLNE and FRHC is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 4, 2017	0.32

The correlation between HLNE and FRHC shifts across timeframes, from 0.13 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS HLNE : $4.29 FRHC : $0.04
PE Ratio HLNE : 19.80 FRHC : 3.62K
PEG Ratio HLNE : 1.46 FRHC : 317.70
PS Ratio HLNE : 6.06 FRHC : 4.56
Total Revenue (TTM) HLNE : $763.40M FRHC : $2.12B
Gross Profit (TTM) HLNE : $528.54M FRHC : $1.05B
EBITDA (TTM) HLNE : $446.22M FRHC : $542.59M

Return for Risk

HLNE vs. FRHC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HLNE

HLNE Risk / Return Rank: 4
HLNE Sharpe Ratio Rank: 3
HLNE Sortino Ratio Rank: 4
HLNE Omega Ratio Rank: 6
HLNE Calmar Ratio Rank: 6
HLNE Martin Ratio Rank: 2

FRHC

FRHC Risk / Return Rank: 36
FRHC Sharpe Ratio Rank: 38
FRHC Sortino Ratio Rank: 34
FRHC Omega Ratio Rank: 34
FRHC Calmar Ratio Rank: 36
FRHC Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HLNE vs. FRHC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Lane Incorporated (HLNE) and Freedom Holding Corp. (FRHC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HLNE	FRHC	Difference
Sharpe ratio Return per unit of total volatility	-1.10	-0.04	-1.06
Sortino ratio Return per unit of downside risk	-1.61	0.21	-1.82
Omega ratio Gain probability vs. loss probability	0.82	1.02	-0.21
Calmar ratio Return relative to maximum drawdown	-0.89	-0.12	-0.78
Martin ratio Return relative to average drawdown	-1.72	-0.21	-1.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLNE vs. FRHC - Sharpe Ratio Comparison

The current HLNE Sharpe Ratio is -1.10, which is lower than the FRHC Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of HLNE and FRHC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HLNE	FRHC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	-0.04	-1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.65	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.39	-0.83

Drawdowns

HLNE vs. FRHC - Drawdown Comparison

The maximum HLNE drawdown since its inception was -57.30%, which is greater than FRHC's maximum drawdown of -45.93%. Use the drawdown chart below to compare losses from any high point for HLNE and FRHC.

Drawdown Indicators

	HLNE	FRHC	Difference
Max Drawdown Largest peak-to-trough decline	-57.30%	-45.93%	-11.37%
Max Drawdown (1Y) Largest decline over 1 year	-47.04%	-41.08%	-5.96%
Max Drawdown (3Y) Largest decline over 3 years	-57.30%	-41.08%	-16.22%
Max Drawdown (5Y) Largest decline over 5 years	-57.30%	-45.93%	-11.37%
Current Drawdown Current decline from peak	-56.92%	-16.99%	-39.93%
Average Drawdown Average peak-to-trough decline	-15.94%	-11.67%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.47%	23.06%	+1.41%

Volatility

HLNE vs. FRHC - Volatility Comparison

Hamilton Lane Incorporated (HLNE) and Freedom Holding Corp. (FRHC) have volatilities of 10.55% and 10.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLNE	FRHC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.55%	10.52%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	30.64%	27.05%	+3.59%
Volatility (1Y) Calculated over the trailing 1-year period	38.19%	38.82%	-0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.99%	37.87%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.39%	47.71%	-11.32%

Dividends

HLNE vs. FRHC - Dividend Comparison

HLNE's dividend yield for the trailing twelve months is around 2.55%, while FRHC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRHC Freedom Holding Corp.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HLNE Hamilton Lane Incorporated	2.55%	1.57%	1.29%	1.53%	2.43%	1.31%	1.55%	1.74%	2.20%	1.48%

Financials

HLNE vs. FRHC - Profitability Comparison

The chart below illustrates the profitability comparison between Hamilton Lane Incorporated and Freedom Holding Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HLNE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hamilton Lane Incorporated reported a gross profit of 137.70M and revenue of 198.59M. Therefore, the gross margin over that period was 69.3%.

FRHC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Freedom Holding Corp. reported a gross profit of 354.51M and revenue of 615.57M. Therefore, the gross margin over that period was 57.6%.

HLNE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hamilton Lane Incorporated reported an operating income of 86.01M and revenue of 198.59M, resulting in an operating margin of 43.3%.

FRHC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Freedom Holding Corp. reported an operating income of 199.99M and revenue of 615.57M, resulting in an operating margin of 32.5%.

HLNE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hamilton Lane Incorporated reported a net income of 58.37M and revenue of 198.59M, resulting in a net margin of 29.4%.

FRHC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Freedom Holding Corp. reported a net income of 76.24M and revenue of 615.57M, resulting in a net margin of 12.4%.

Frequently Asked Questions

Can I hold both HLNE and FRHC in my portfolio?

HLNE and FRHC have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLNE or FRHC?

HLNE has higher volatility (10.55%) compared to FRHC (10.52%). In terms of maximum drawdown, HLNE dropped -57.30% vs FRHC's -45.93%.

Which has better risk-adjusted returns?

FRHC currently has the higher Sharpe Ratio (-0.04 vs -1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.