Feature Selection (FS) algorithms are applied in bioinformatics applications to identify the disease causing genes. Performance of such algorithms is measured in terms of accuracy of the model and stability of FS algorithms. Stability evaluates the identical replication of feature sets obtained after every execution. Recently research has shown that a stability measure must satisfy set of properties like, fully defined, monotonicity, boundedness, deterministic maximum stability, and correction for chance. Among the existing stability measures, only Nogueira’s frequency based stability measure satisfies all the required properties. However, frequency based stability measures fail to discriminate among the cases when overall frequency of features are same. In order to address this issue, the paper proposes a hybrid similarity based stability measure which satisfies all the desirable properties, as mentioned earlier. The proposed stability measure is unique as it is the first similarity based stability measure that satisfies all the required properties. Also, all these essential properties are mathematically established. Further, the paper also proposes a combination of frequency based and similarity based measure which preserves all the aspects of both the approaches. The work presented also analyzes the stability performance of LASSO and Elastic Net, using synthetic and microarray gene expression datasets. Elastic Net depicts higher stability and selection of relevant features.