Yes, there are similarities between Hinduism and Buddhism. Prince Siddhartha who became the Buddha was brought up as a Hindu. Later he believed he had discovered the path to enlightenment and freedom from the cycle of rebirth.
Perhaps the main similarity between them is the belief in reincarnation; that every living thing is reborn depending on how it has lived its previous life, and that the aim of life is to escape from the cycle of rebirth.
Whereas Hindus believe that they need to gain sufficient good karma to achieve Moksha (release) from the cycle, Buddhists believe that release comes through following the Eightfold Path or Middle Way and achieving Nibbana (liberation).
Hindus believe in the existence of Brahman, the Supreme Spirit of the Universe, to which they will return on achieving Moksha. Buddhists, however, do not believe there is any such being, and that Nibbana is a state of bliss where there is no more existence, pain, or suffering.