HLNE vs. STEP

Last updated Aug 1, 2026

HLNE (Hamilton Lane Incorporated) and STEP (StepStone Group Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 5 years, HLNE returned 0.96%/yr vs 2.16%/yr for STEP. Their 0.64 correlation means they have sometimes moved together and sometimes differently.

Performance

HLNE vs. STEP - Performance Comparison

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

Returns By Period

In the year-to-date period, HLNE achieves a -32.95% return, which is significantly lower than STEP's -29.93% return.

HLNE

• 1D: -0.04%
• 1M: 11.47%
• 6M: -36.24%
• YTD: -32.95%
• 1Y: -38.60%
• 3Y*: 1.99%
• 5Y*: 0.96%
• 10Y*: —
• ALL TIME*: 20.88%

STEP

• 1D: 0.53%
• 1M: 6.64%
• 6M: -36.39%
• YTD: -29.93%
• 1Y: -20.13%
• 3Y*: 19.37%
• 5Y*: 2.16%
• 10Y*: —
• ALL TIME*: 13.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HLNE Hamilton Lane Incorporated	$62.39M	$61.00M	$76.57M
STEP StepStone Group Inc.	$47.83M	$55.70M	$60.33M

HLNE vs. STEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HLNE Hamilton Lane Incorporated	-32.95%	-7.90%	32.40%	81.36%	-36.98%	34.74%	26.26%
STEP StepStone Group Inc.	-29.93%	13.62%	85.94%	31.66%	-37.82%	5.43%	60.81%

Correlation

The correlation between HLNE and STEP is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (All Time) Calculated using the full available price history since Sep 16, 2020	0.64

The correlation between HLNE and STEP has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.

Fundamentals

Market Cap HLNE : $4.94B STEP : $5.66B
EPS HLNE : $4.28 STEP : -$6.74
PS Ratio HLNE : 6.35 STEP : 1.75
Total Revenue (TTM) HLNE : $763.40M STEP : $1.99B
Gross Profit (TTM) HLNE : $528.54M STEP : -$734.50M
EBITDA (TTM) HLNE : $446.22M STEP : -$970.97M

Return for Risk

HLNE vs. STEP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HLNE

HLNE Risk / Return Rank: 9
HLNE Sharpe Ratio Rank: 5
HLNE Sortino Ratio Rank: 7
HLNE Omega Ratio Rank: 9
HLNE Calmar Ratio Rank: 15
HLNE Martin Ratio Rank: 12

STEP

STEP Risk / Return Rank: 24
STEP Sharpe Ratio Rank: 21
STEP Sortino Ratio Rank: 22
STEP Omega Ratio Rank: 23
STEP Calmar Ratio Rank: 26
STEP Martin Ratio Rank: 26

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HLNE vs. STEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Lane Incorporated (HLNE) and StepStone Group Inc. (STEP). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HLNE	STEP	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-0.51	-0.48
Sortino ratio: Return per unit of downside risk	-1.40	-0.48	-0.93
Omega ratio: Gain probability vs. loss probability	0.84	0.94	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.50	-0.26
Martin ratio: Return relative to average drawdown	-1.30	-0.91	-0.38

HLNE vs. STEP - Sharpe Ratio Comparison

The current HLNE Sharpe Ratio is -1.00, which is lower than the STEP Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of HLNE and STEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HLNE vs. STEP - Drawdown Comparison

The maximum HLNE drawdown since its inception was -62.26%, roughly equal to the maximum STEP drawdown of -60.19%. Use the drawdown chart below to compare losses from any high point for HLNE and STEP.

Drawdown Indicators

	HLNE	STEP	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-60.19%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	-53.19%	-46.85%	-6.34%
Max Drawdown (3Y) Largest decline over 3 years	-62.26%	-46.85%	-15.41%
Max Drawdown (5Y) Largest decline over 5 years	-62.26%	-60.19%	-2.07%
Current Drawdown Current decline from peak	-54.52%	-41.05%	-13.47%
Average Drawdown Average peak-to-trough decline	-16.67%	-26.29%	+9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.22%	25.88%	+5.34%

Volatility

HLNE vs. STEP - Volatility Comparison

The current volatility for Hamilton Lane Incorporated (HLNE) is 9.99%, while StepStone Group Inc. (STEP) has a volatility of 13.65%. This indicates that HLNE experiences smaller price fluctuations and is considered to be less risky than STEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLNE	STEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.99%	13.65%	-3.66%
Volatility (6M) Calculated over the trailing 6-month period	33.44%	39.37%	-5.93%
Volatility (1Y) Calculated over the trailing 1-year period	40.76%	46.34%	-5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.59%	41.39%	-4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.56%	41.70%	-5.14%

Dividends

HLNE vs. STEP - Dividend Comparison

HLNE's dividend yield for the trailing twelve months is around 2.50%, less than STEP's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLNE Hamilton Lane Incorporated	2.50%	1.57%	1.29%	1.53%	2.43%	1.31%	1.55%	1.74%	2.20%	1.48%
STEP StepStone Group Inc.	3.81%	2.24%	1.81%	3.36%	2.98%	0.87%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both HLNE and STEP in my portfolio?

HLNE and STEP have a correlation of 0.74, 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 STEP?

STEP has higher volatility (13.65%) compared to HLNE (9.99%). In terms of maximum drawdown, HLNE dropped -62.26% vs STEP's -60.19%.

Which has better risk-adjusted returns?

STEP currently has the higher Sharpe Ratio (-0.51 vs -1.00), 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.