STEP vs. HLNE

Last updated Aug 1, 2026

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

Performance

STEP vs. HLNE - Performance Comparison

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

Returns By Period

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

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%

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%

*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

STEP vs. HLNE - Yearly Performance Comparison

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

Correlation

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

Fundamentals

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

Return for Risk

STEP vs. HLNE — Risk / Return Rank

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

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

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

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.

STEP vs. HLNE - Risk-Adjusted Trends Comparison

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

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

STEP vs. HLNE - Sharpe Ratio Comparison

The current STEP Sharpe Ratio is -0.51, which is higher than the HLNE Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of STEP and HLNE, 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

STEP vs. HLNE - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

STEP vs. HLNE - Volatility Comparison

StepStone Group Inc. (STEP) has a higher volatility of 13.65% compared to Hamilton Lane Incorporated (HLNE) at 9.99%. This indicates that STEP's price experiences larger fluctuations and is considered to be riskier than HLNE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Dividends

STEP vs. HLNE - Dividend Comparison

STEP's dividend yield for the trailing twelve months is around 3.81%, more than HLNE's 2.50% 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 STEP and HLNE in my portfolio?

STEP and HLNE 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, STEP or HLNE?

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

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.