AI Research, JPMorganChase, 2026
Deep FinResearch Bench
Scores equity research reports from deep-research agents against professional analyst reports on three axes: qualitative rigour, forecast and valuation accuracy (SMAPE, target-price hit rate, recommendation direction), and how credible and verifiable each claim is.
About this benchmark
- Size
- 100 professional reports covering 25 S&P 500 companies (FY2025 Q1-Q2), each paired with an AI-generated report
- Public split
- none (the paper links no data or code; the professional reports came from a paid Yahoo Finance subscription)
- Grading
- Automated. GPT-5 extracts claims, GPT-4.1 checks each against the cited page, and each claim ends up factual, hallucinated or non-verifiable. A GPT-5 judge gives 1-4 rubric scores, and forecasts are scored on SMAPE, hit rate and directional accuracy.
- Licence
- Not stated
- Submission
- none
- Products allowed
- Yes
- Latest version
- arXiv v1 (2026-04-22)
- What it does not cover
- No public data or harness. Covers only 25 large-cap US names in IT, financials and health care, over two quarters.
Results
4 modelsEach score shows who reported it: the benchmark's authors (quoted from their paper), the benchmark's official board, or Moneda (run with the benchmark's own grader and rules). We do not copy other aggregators.
Deep FinResearch Bench arXiv v1 (2026-04-22)
overall factual claim rate %, higher is better. 4 models.
Updated 22 Apr 2026
- OpenAI86
- Perplexity75.6
- Gemini69.6
- Grok53.2
Deep FinResearch Bench arXiv v1 (2026-04-22)
overall factual claim rate %, higher is better. 4 models.
Updated 22 Apr 2026
- 1OpenAI86
- 2Perplexity75.6
- 3Gemini69.6
- 4Grok53.2
| 1 | OpenAI | OpenAI | 86 | OpenAI DR (GPT-o3), Firm A-structured reports | Paper Table 7 Reported by the authors, 22 Apr 2026 |
|---|---|---|---|---|---|
| 2 | Perplexity | Perplexity | 75.6 | Perplexity DR (Sonar Reasoning), Firm A-structured reports | Paper Table 7 Reported by the authors, 22 Apr 2026 |
| 3 | Gemini | 69.6 | Gemini DR (Gemini 2.5 Pro), Firm A-structured reports | Paper Table 7 Reported by the authors, 22 Apr 2026 | |
| 4 | Grok | xAI | 53.2 | Grok DR (Grok 4), Firm A-structured reports | Paper Table 7 Reported by the authors, 22 Apr 2026 |
Deep FinResearch Bench arXiv v1 (2026-04-22)
qualitative overall (1-4, GPT-5 judge), higher is better. 4 models.
Updated 22 Apr 2026
- Gemini2.3
- Perplexity2.1
- Grok2.0
- OpenAI2.0
Deep FinResearch Bench arXiv v1 (2026-04-22)
qualitative overall (1-4, GPT-5 judge), higher is better. 4 models.
Updated 22 Apr 2026
- 1Gemini2.3
- 2Perplexity2.1
- 3Grok2.0
- 3OpenAI2.0
| 1 | Gemini | 2.3 | Default | Paper Table 3 Reported by the authors, 22 Apr 2026 | |
|---|---|---|---|---|---|
| 2 | Perplexity | Perplexity | 2.1 | Default | Paper Table 3 Reported by the authors, 22 Apr 2026 |
| 3 | Grok | xAI | 2.0 | Default | Paper Table 3 Reported by the authors, 22 Apr 2026 |
| 3 | OpenAI | OpenAI | 2.0 | Default | Paper Table 3 Reported by the authors, 22 Apr 2026 |
