From Knowing to Doing C
AI benchmark · Finance
Full listing name: From Knowing to Doing: A Memory-Controlled Benchmark for LLM Trading Agents on Stock Markets
What is From Knowing to Doing?
Evaluating whether large language model (LLM) agents can profit in capital markets is increasingly framed as end-to-end trading: place an agent in a historical market, let it trade, and measure portfolio returns. This setup is vulnerable to two evaluation failures. First, long backtests often overlap with the knowledge cutoffs of frontier LLMs, allowing memorized tickers, dates, prices, and market narratives to substitute for investment reasoning. Second, raw returns are a noisy proxy for stock-selection ability, since positive performance may come from market beta, style exposure, or favorable regimes rather than genuine alpha. We introduce KTD-Fin (Knowing-To-Doing Financial Benchmark), an end-to-end stock-market trading benchmark that addresses both issues. KTD-Fin uses a data-side masking protocol to anonymize key identifiers and calendar information consistently across prompts and tools, separating historical market memory from investment decision-making. It also incorporates a Barra-style performance attribution framework that decomposes portfolio returns into market, style, and stock-selection alpha components. Across ten frontier LLM agents evaluated on the Chinese CSI300 over a 2024--2026 window, masking substantially changes agent rationales, pushing them towards anonymized factor-based reasoning. Attribution analysis further shows that LLM agents' cumulative returns under leakage-controlled evaluation are largely explained by passive market and style exposure, with limited evidence of persistent stock-selection alpha. These findings suggest that financial LLM benchmarks should evaluate not only whether an agent makes money, but also whether the source of returns reflects transferable investment skill. We release KTD-Fin as a reproducible template for leakage-controlled and attribution-aware evaluation of LLM trading agents.
Tier C
Niche: a handful of models scored, or built by an RL vendor.
How much stands behind a tier: usage, who backs it, a confirmed line from its own site or paper, and a clear read on X. High with three of the four, medium with two, low otherwise.
- 10 models scored
- in curated RL directories (1 pt)
How we got to tier C
- Adoption: 10 models scored. Tier C.
- Not yet read on X.
- In curated RL directories: 1 point, a floor of none.
- Not yet confirmed by a line from its own site or paper.
A clear view on X moves a tier one step up or down; most entries don't move. How tiers work.
Not on the map yet: no line from its own site or paper places it in a domain.
Next: browse all benchmarks. Entry from the RL Research daily scrape of public sources, 2026-10-11 snapshot.