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Paper · arXiv 2510.02209

StockBench: Can LLM Agents Trade Stocks Profitably In Real-world Markets?

Yanxu Chen, Zijun Yao, Yantao Liu, Jin Ye, Jianing Yu, Lei Hou, Juanzi Li

57 upvotesOctober 2, 2025arXiv 预印本
AI 摘要

StockBench evaluates large language models in realistic stock trading environments, revealing challenges and opportunities in developing LLM-powered financial agents.

large language modelsLLM agentsreasoningtool usesequential decision-makingsoftware engineeringscientific discoveryfinance domainfinancial benchmarksquestion answeringdynamic tradingcontamination-free benchmarkdaily market signalspricesfundamentalsnewssequential buysellhold decisionscumulative returnmaximum drawdownSortino ratioGPT-5Claude-4Qwen3Kimi-K2GLM-4.5buy-and-hold baselinestatic financial knowledge taskstrading strategies

Abstract

Large language models (LLMs) have recently demonstrated strong capabilities as autonomous agents, showing promise in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in domains such as software engineering and scientific discovery, the finance domain remains underexplored, despite its direct relevance to economic value and high-stakes decision-making. Existing financial benchmarks primarily test static knowledge through question answering, but they fall short of capturing the dynamic and iterative nature of trading. To address this gap, we introduce StockBench, a contamination-free benchmark designed to evaluate LLM agents in realistic, multi-month stock trading environments. Agents receive daily market signals -- including prices, fundamentals, and news -- and must make sequential buy, sell, or hold decisions. Performance is assessed using financial metrics such as cumulative return, maximum drawdown, and the Sortino ratio. Our evaluation of state-of-the-art proprietary (e.g., GPT-5, Claude-4) and open-weight (e.g., Qwen3, Kimi-K2, GLM-4.5) models shows that while most LLM agents struggle to outperform the simple buy-and-hold baseline, several models demonstrate the potential to deliver higher returns and manage risk more effectively. These findings highlight both the challenges and opportunities in developing LLM-powered financial agents, showing that excelling at static financial knowledge tasks does not necessarily translate into successful trading strategies. We release StockBench as an open-source resource to support reproducibility and advance future research in this domain.

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