Wrap divs in between hrs and then use $(this).parent().children('div[class="test"] ~ div[class="lol"]') to select all the .lol divs:
<div>
<div class="test">test</div>
<div class="sdf">sdf</div>
<div class="lol">lol</div>
</div>
<hr>
<div>
<div class="test">test</div>
<div class="sdf">sdf</div>
<div class="else">else</div>
<div class="lol">lol</div>
</div>
<hr>
<div>
<div class="test">test</div>
<div class="sdf">sdf</div>
<div class="lol">lol</div>
</div>
$(document).ready(function(){
$(".test").on({
mouseover: function(){
$(this).parent().children('div[class="test"] ~ div[class="lol"]').addClass('hide');
},
mouseout: function(){
$(this).parent().children('div[class="test"] ~ div[class="lol"]').removeClass('hide');
}
});
});