StockBench ranked 13 AI agents trading Dow stocks. The best beat buy-and-hold by about 2 points
Researchers at Tsinghua University gave 13 language models $100,000 each and four months of daily decisions on 20 Dow stocks. The ranking is surprising, the margins are thin, and the paper disagrees with itself about what the results mean.
Most finance benchmarks ask AI models questions. StockBench makes them trade. The benchmark, from a team at Tsinghua University and Beijing University of Posts and Telecommunications, was first posted on arXiv in October 2025 and revised on March 2, 2026. It is one of the few public rankings where AI agents make daily portfolio decisions on real, recent market data.
How the test works
- Universe: the top 20 stocks of the Dow Jones Industrial Average.
- Window: March 3 to June 30, 2025, or 82 trading days. The authors say the period includes both volatility and trend reversals and falls after the knowledge cutoff of mainstream models.
- Capital: $100,000 in cash per agent, with decisions made daily at the market open.
- Inputs: the agent's own actions over the past seven days, up to five news articles from the previous 48 hours per stock, and fundamentals such as market cap, P/E ratio and dividend yield.
- Actions: increase, decrease or hold each position, converted to shares at the opening price.
- Repeats: each model was run three times with different random seeds, and the average is reported.
The yardstick is a passive equal-weight portfolio of the same 20 stocks, bought on day one and held.
The ranking
Models are ranked on a combined z-score of three metrics: final return, maximum drawdown and the Sortino ratio, which rewards returns relative to downside volatility.
| Rank | Model | Final return | Max drawdown | Sortino |
|---|---|---|---|---|
| 1 | Kimi-K2 | 1.9% | -11.8% | 0.0420 |
| 2 | Qwen3-235B-Ins | 2.4% | -11.2% | 0.0299 |
| 3 | GLM-4.5 | 2.3% | -13.7% | 0.0295 |
| 4 | Qwen3-235B-Think | 2.5% | -14.9% | 0.0309 |
| 5 | OpenAI o3 | 1.9% | -13.2% | 0.0267 |
| 6 | Qwen3-30B-Think | 2.1% | -13.5% | 0.0255 |
| 7 | Claude-4-Sonnet | 2.2% | -14.2% | 0.0245 |
| 8 | DeepSeek-V3.1 | 1.1% | -14.1% | 0.0210 |
| 9 | GPT-5 | 0.3% | -13.1% | 0.0132 |
| 10 | Qwen3-Coder | 0.2% | -13.9% | 0.0137 |
| 11 | DeepSeek-V3 | 0.2% | -14.1% | 0.0144 |
| 12 | Passive buy-and-hold | 0.4% | -15.2% | 0.0155 |
| 13 | GPT-OSS-120B | -0.9% | -14.0% | 0.0156 |
| 14 | GPT-OSS-20B | -2.8% | -14.4% | -0.0069 |
Three things the table says
Open models led. The top four spots went to open-weight models from Chinese labs: Moonshot's Kimi-K2, two versions of Alibaba's Qwen3 and Zhipu's GLM-4.5. OpenAI's o3 was the best closed model at fifth, and GPT-5 finished ninth with a 0.3% return, slightly below the passive portfolio's 0.4%. Context: n=82 trading days, 3 runs per model, 20 DJIA stocks · Mar 3 to Jun 30, 2025 · Chen et al., arXiv:2510.02209 v2, Table 2 · margin: not disclosed
Drawdowns were smaller than buy-and-hold. Every agent had a smaller maximum drawdown than the passive portfolio's -15.2%. That fits a window with a sharp spring sell-off: agents that trimmed positions lost less at the bottom. Context: n=82 trading days, 3 runs per model, 20 DJIA stocks · Mar 3 to Jun 30, 2025 · Chen et al., arXiv:2510.02209 v2, Table 2 · margin: not disclosed
Reasoning did not reliably help. Qwen3-235B in its instruction version beat its reasoning version on drawdown (-11.2% against -14.9%). The authors conclude there is still a gap between reasoning ability and decision-making in noisy markets. Context: n=82 trading days, 3 runs per model, 20 DJIA stocks · Mar 3 to Jun 30, 2025 · Chen et al., arXiv:2510.02209 v2, Table 2 · margin: not disclosed
The paper disagrees with itself
Read the abstract and you learn that "most models struggle to outperform the simple buy-and-hold baseline." Read the results section and you learn the opposite: "LLM agents can trade profitably in real-world markets. Most tested models outperform the passive buy-and-hold baseline."
The table supports the second reading on raw return: 10 of the 13 models finished above 0.4%. But the margins are small. The best final return, 2.5%, is about two points above the passive portfolio over four months, and no confidence intervals are given. With three runs per model and one window, a two-point gap is hard to tell apart from noise. Context: n=82 trading days, 3 runs per model, 20 DJIA stocks · Mar 3 to Jun 30, 2025 · Chen et al., arXiv:2510.02209 v2, Table 2 · margin: not disclosed
Two other details matter for anyone tempted to read this as a trading result. We found no mention of transaction costs or commissions in the paper, so daily rebalancing appears to be free. And the authors' own scaling test points the wrong way for real use: when the portfolio grew from 5 to 30 Dow stocks, all models showed declining mean returns and rising volatility. Kimi-K2 was the most robust.
Where it fits
StockBench complements the long-horizon picture from the 20-year backtest of LLM strategies and the live record in hundreds of AI trading agents with no edge. It is short, recent and post-cutoff, which removes the memory problem but leaves the sample-size problem. The authors say the environment will be updated with new windows. We will track the next one.
What it shows / What it doesn't
It shows
- How 13 language models behave as daily portfolio managers on 20 large U.S. stocks, on data after their training cutoffs.
- That the agents limited drawdowns better than a passive portfolio in a volatile spring 2025 window.
- That open-weight models can match or beat closed frontier models on this task, and that reasoning modes did not consistently help.
It doesn't show
- A reliable edge. Margins over buy-and-hold are about two points at best, over one four-month window, without intervals.
- Results after trading costs. The paper does not describe transaction costs.
- How the agents would do in a steady bull market or with more stocks. Their returns fell as the portfolio grew.
- A consistent conclusion. The abstract and the results section describe the same table in opposite terms.
Why it matters
AI trading agents are increasingly sold with screenshots of short-window returns. StockBench is a more careful version of that same exercise, and it still shows how little a four-month test can prove. The useful signal is about behavior: the agents cut risk in a sell-off, and model rankings did not follow general benchmark reputations. Whether any of that translates into returns after costs is not something this test answers.
Primary sources
- VerifiedStockBench: Can LLM Agents Trade Stocks Profitably In Real-world Markets? (arXiv:2510.02209, v2) (arXiv / Tsinghua University)Primary source. Version 2 posted March 2, 2026. Table 2, setup, seeds and both conflicting statements checked in the HTML version on October 14, 2026.
- LinkedStockBench project page (StockBench team)Linked by the authors; not re-checked.
In our directories
How we used AI: AI tools helped research and draft this article. Every figure was then checked against the primary sources listed above before publication.
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