HLNE vs STEP: Correlation
How closely do Hamilton Lane Incorporated (HLNE) and StepStone Group Inc. (STEP) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLNE and STEP?
Over the past 3 years, HLNE and STEP moved with a correlation of 0.70, which is strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 984.4 %².
In HLNE's tracked universe of 18 assets, STEP sits right near the top at #1. The trailing year gives STEP the advantage: -29.4% versus -17.1%, a 12.3-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HLNE vs STEP: side by side
| HLNE (Hamilton Lane Incorporated) | STEP (StepStone Group Inc.) | |
|---|---|---|
| 1-year return | -29.4% | -17.1% |
| 5-year return | +32.3% | +20.7% |
| Volatility (ann.) | 37.2% | 37.9% |
| Beta vs S&P 500 | 1.23 | 1.43 |
| Max drawdown (3Y) | -62.3% | -46.9% |
| Market cap | $5.9B | $6.5B |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 2.11% | 2.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLNE | STEP |
|---|---|---|
| 2022 | -37.0% | -37.8% |
| 2023 | +81.4% | +31.7% |
| 2024 | +32.4% | +85.9% |
| 2025 | -7.9% | +13.6% |
| 2026 | -19.4% | -19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLNE and STEP good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HLNE and STEP?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.69 over the last year and 0.70 over 5 years.
Is STEP a good diversifier for HLNE?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hlne-vs-step.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hlne-vs-step/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLNE correlations · STEP correlations
