OWL vs STEP: Correlation
Measured on weekly returns over the past three years, Blue Owl Capital Inc. (OWL) and StepStone Group Inc. (STEP) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OWL and STEP?
Over the past 3 years, OWL and STEP moved with a correlation of 0.65, which is strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 1034.2 %².
Among the 16 assets we track against OWL, STEP ranks #6 by 3-year correlation. Over the last 12 months STEP came out ahead by 13.1 percentage points (-30.2% against -17.1%).
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.
OWL vs STEP: side by side
| OWL (Blue Owl Capital Inc.) | STEP (StepStone Group Inc.) | |
|---|---|---|
| 1-year return | -30.2% | -17.1% |
| 5-year return | +8.2% | +20.7% |
| Volatility (ann.) | 41.9% | 37.9% |
| Beta vs S&P 500 | 1.77 | 1.43 |
| Max drawdown (3Y) | -67.1% | -46.9% |
| Market cap | $18.8B | $6.5B |
| P/E (trailing) | 100.2 | – |
| Dividend yield | 7.71% | 2.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OWL | STEP |
|---|---|---|
| 2022 | -26.3% | -37.8% |
| 2023 | +47.4% | +31.7% |
| 2024 | +61.8% | +85.9% |
| 2025 | -32.8% | +13.6% |
| 2026 | -14.4% | -19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OWL and STEP good diversifiers for each other?
To a limited degree. At 0.65 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 OWL and STEP?
As of 2026-08-27, the correlation of weekly returns between OWL and STEP is 0.65 over 3 years, 0.63 over 1 year and 0.63 over 5 years.
Is STEP a good diversifier for OWL?
To a limited degree. At 0.65 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 0.65 mean?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/owl-vs-step.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/owl-vs-step/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OWL correlations · STEP correlations
