STEP vs. ANET

Last updated Jun 4, 2026

STEP (StepStone Group Inc.) and ANET (Arista Networks, Inc.) are both stocks. STEP operates in Asset Management (Financial Services), while ANET operates in Computer Hardware (Technology). Over the past 5 years, STEP returned 9.48%/yr vs 51.43%/yr for ANET. At a 0.38 correlation, their price movements are largely independent.

Performance

STEP vs. ANET - Performance Comparison

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

Returns By Period

In the year-to-date period, STEP achieves a -31.60% return, which is significantly lower than ANET's 33.08% return.

STEP

• 1D: -5.30%
• 1M: -19.20%
• YTD: -31.60%
• 6M: -29.81%
• 1Y: -21.58%
• 3Y*: 26.53%
• 5Y*: 9.48%
• 10Y*: —

ANET

• 1D: -0.55%
• 1M: 1.01%
• YTD: 33.08%
• 6M: 36.44%
• 1Y: 84.52%
• 3Y*: 62.51%
• 5Y*: 51.43%
• 10Y*: 43.55%

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

STEP vs. ANET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
STEP StepStone Group Inc.	-31.60%	13.62%	85.94%	31.66%	-37.82%	5.43%	59.20%
ANET Arista Networks, Inc.	33.08%	18.55%	87.73%	94.07%	-15.58%	97.89%	41.18%

Correlation

The correlation between STEP and ANET is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020	0.38

The correlation between STEP and ANET shifts across timeframes, from 0.24 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap STEP : $3.50B ANET : $222.11B
EPS STEP : -$6.78 ANET : $2.92
PS Ratio STEP : 1.73 ANET : 22.88
Total Revenue (TTM) STEP : $1.99B ANET : $9.71B
Gross Profit (TTM) STEP : -$734.50M ANET : $6.17B
EBITDA (TTM) STEP : -$970.97M ANET : $4.21B

Return for Risk

STEP vs. ANET — Risk / Return Rank

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

STEP

STEP Risk / Return Rank: 20
STEP Sharpe Ratio Rank: 19
STEP Sortino Ratio Rank: 20
STEP Omega Ratio Rank: 20
STEP Calmar Ratio Rank: 23
STEP Martin Ratio Rank: 18

ANET

ANET Risk / Return Rank: 79
ANET Sharpe Ratio Rank: 83
ANET Sortino Ratio Rank: 77
ANET Omega Ratio Rank: 76
ANET Calmar Ratio Rank: 82
ANET Martin Ratio Rank: 79

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.

STEP vs. ANET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for StepStone Group Inc. (STEP) and Arista Networks, Inc. (ANET). 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.

	STEP	ANET	Difference
Sharpe ratio Return per unit of total volatility	-0.51	1.61	-2.12
Sortino ratio Return per unit of downside risk	-0.48	2.17	-2.65
Omega ratio Gain probability vs. loss probability	0.94	1.28	-0.34
Calmar ratio Return relative to maximum drawdown	-0.50	3.00	-3.50
Martin ratio Return relative to average drawdown	-1.09	6.29	-7.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STEP vs. ANET - Sharpe Ratio Comparison

The current STEP Sharpe Ratio is -0.51, which is lower than the ANET Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of STEP and ANET, 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

	STEP	ANET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	1.61	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	1.10	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.86	-0.55

Drawdowns

STEP vs. ANET - Drawdown Comparison

The maximum STEP drawdown since its inception was -60.19%, which is greater than ANET's maximum drawdown of -52.20%. Use the drawdown chart below to compare losses from any high point for STEP and ANET.

Drawdown Indicators

	STEP	ANET	Difference
Max Drawdown Largest peak-to-trough decline	-60.19%	-52.20%	-7.99%
Max Drawdown (1Y) Largest decline over 1 year	-43.10%	-28.33%	-14.77%
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	-50.42%	+7.32%
Max Drawdown (5Y) Largest decline over 5 years	-60.19%	-50.42%	-9.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-52.20%	—
Current Drawdown Current decline from peak	-42.45%	-1.89%	-40.56%
Average Drawdown Average peak-to-trough decline	-25.87%	-15.41%	-10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.80%	13.47%	+6.33%

Volatility

STEP vs. ANET - Volatility Comparison

The current volatility for StepStone Group Inc. (STEP) is 11.84%, while Arista Networks, Inc. (ANET) has a volatility of 21.10%. This indicates that STEP experiences smaller price fluctuations and is considered to be less risky than ANET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STEP	ANET	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.84%	21.10%	-9.26%
Volatility (6M) Calculated over the trailing 6-month period	35.55%	39.36%	-3.81%
Volatility (1Y) Calculated over the trailing 1-year period	42.78%	52.87%	-10.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.96%	47.04%	-6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.36%	44.89%	-3.53%

Dividends

STEP vs. ANET - Dividend Comparison

STEP's dividend yield for the trailing twelve months is around 3.39%, while ANET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
ANET Arista Networks, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
STEP StepStone Group Inc.	3.39%	2.24%	1.81%	3.36%	2.98%	0.87%

Financials

Frequently Asked Questions

Can I hold both STEP and ANET in my portfolio?

STEP and ANET have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STEP or ANET?

ANET has higher volatility (21.10%) compared to STEP (11.84%). In terms of maximum drawdown, STEP dropped -60.19% vs ANET's -52.20%.

Which has better risk-adjusted returns?

ANET currently has the higher Sharpe Ratio (1.61 vs -0.51), 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.