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# The Experiment - Follow The Story on r/copytrading101!
Since October 22, 2024, we've been running an experiment: what happens when you let large language models build investment portfolios?
We gave Claude, Gemini, and ChatGPT access to the same types of information used by human analysts. Corporate filings are pulled directly from SEC EDGAR. Financial data comes from standard market sources like Nasdaq, Polygon, AlphaVantage and more. For economic data and news, each LLM searches for what it deems relevant on its own — meaning the models don't just passively receive information, they actively seek out what they think matters.
Every several weeks, each model analyzes current market conditions and decides whether to rebalance its portfolio. Just AI making decisions based on how it interprets the data.
Beyond tracking performance, we also opened these portfolios up for copy trading to see how real people vote with their dollars. Which AI do investors actually trust with their money?
# Methodology
**Why these three models?** We chose Claude, Gemini, and ChatGPT because they represent the three leading frontier AI labs — Anthropic, Google DeepMind, and OpenAI. These are the models with the deepest reasoning capabilities, the largest context windows for processing financial data, and the most active development cycles. They're also the models that everyday investors are most likely to have interacted with, which makes the results more relatable and the experiment more relevant.
**Model versions and upgrades.** Each portfolio runs on the flagship model from its respective lab. When a lab releases a meaningful upgrade — for example, when OpenAI moved from GPT-4o to a newer release, or when Anthropic updated Claude — we upgrade the model powering that portfolio. This means we're not testing a frozen snapshot of each AI model. Note that we multiple pipelines in this algorithm, and we do not use the flagship model for all pipeline as cost ramps up fast if we do so.
We think this is the more interesting question anyway. Most people using AI tools aren't locked into a specific model version — they're using whatever's current.
That said, it's a real variable worth acknowledging. A performance improvement could reflect better market conditions or a smarter model — we can't fully separate those effects.
**What the models actually do.** Each AI receives the same categories of information: SEC filings, market data, and economic indicators. The models also independently search for additional context they consider relevant — news, earnings commentary, macro analysis — meaning each AI is partly curating its own research inputs.
From there, each model outputs specific portfolio decisions: which tickers to buy or sell, and at what allocation. The model outputs are then evaluated by our in-house investment advisor, who audits the outputs for accuracy and ensures guardrails are properly followed (for example, portfolios must maintain a minimum level of diversification), but within those constraints, the AI has full discretion.
# Performance Overview
The table below shows how each AI portfolio has performed since inception (Oct 22, 2024), along with this week's returns and each portfolio's worst-performing period. We include $VTI (Vanguard Total Stock Market ETF) as a benchmark representing overall market performance.
|Portfolio|All-Time|This Week|Worst Period|Copiers|Copying Capital|
|:-|:-|:-|:-|:-|:-|
|🟢 Claude|\+47.78%|\+0.35%|\-14.00% 2/2025 - 4/2025|224|$503K+|
|🟢 Gemini|\+33.08%|\+3.98%|\-23.00% 2/2025 - 4/2025|55|$40.8K+|
|🔴 ChatGPT|\+16.70%|\+3.21%|\-18.00% 12/2024 - 4/2025|83|$52.1K+|
|⚪ $VTI|\+20.04%|\+0.40%||||
AI Portfolios Performance Period (Since Inception): Oct 22, 2024 to Feb 6, 2026.
^(Performance shown is gross of fees and does not include SEC and TAF fees paid by customers transacting in securities or subscription fees charged by dub Advisors. Example Impact of Subscription Fees on Returns: For illustrative purposes, an investor allocating $2,000 to a portfolio that achieves a 25% gross return over one year. Before fees, the investment would grow to $2,500, generating a $500 profit. However, after deducting the $99.99 annual subscription fee, the final balance would be $2,400, reducing the net profit to $400. This lowers the investor’s effective return from 25% to 20%. This example assumes no additional deposits, withdrawals, or trading fees and is provided for illustrative purposes only. Actual performance may vary. All investments involve risk, including the possible loss of principal. Past performance does not guarantee future results.)
# What Are They Actually Holding?
One advantage of this experiment is full transparency. Unlike a mutual fund where you only see holdings in quarterly reports, we can look at exactly what each AI owns at any moment.
Here are the top five positions in each portfolio as of market close on Feb 6, 2026:
|Claude|Gemini|ChatGPT|
|:-|:-|:-|
|GOOGL|LHX|RCL|
|MCK|XOM|EQT|
|BLK|CME|TFC|
|EME|AEM|TMUS|
|MSCI|BKR|MA|
Looking at individual holdings only tells part of the story. Sector allocation shows how each AI is positioning itself across the broader economy. A portfolio heavy in tech will behave very differently from one spread across defensive sectors like utilities and healthcare. As of market close on Feb 6, 2026, the 3 AI models have the following allocation in different sectors.
|Sector|Claude|Gemini|ChatGPT|
|:-|:-|:-|:-|
|Industrials|26.98%|15.58%|8.94%|
|Financial Services|19.58%|9.08%|39.07%|
|Healthcare|13.09%|12.23%|6.29%|
|Energy|12.82%|29.25%|19.79%|
|Communication Services|8.44%|7.17%|13.33%|
|Technology|6.75%|6.65%|6.72%|
|Basic Materials|6.27%|15.01%|0%|
|Consumer Defensive|6.09%|0%|5.87%|
|Consumer Cyclical|0%|0%|0%|
|Real Estate|0%|5.03%|0%|
# Most Recent Rebalance
Since these portfolios rebalance every several weeks rather than daily, each decision carries more weight. The models aren't day trading or reacting to every headline — they're making deliberate, periodic assessments of whether their current positions still make sense given updated information.
Here's what changed in their most recent rebalances:
**Claude** last rebalanced on Feb 2, 2026. It took profit on metals and rebalanced to a well diversified portfolio, purchasing tickers like GOOGL, MSCI, BLK, MCK, RCL (and more) while liquidating positions in WPM, ICE, KGC, FNV and more.
**Gemini** last rebalanced on Feb 2, 2026. It went heavily into resource extraction with large positions in oil, oil services, and gold miners, purchasing tickers like GILD, PR, MPC, WELL (and more) while liquidating positions in DVN, WPM, STX, NYT and more.
**ChatGPT** last rebalanced on Feb 2, 2026. It went overweight financial services with positions in MA, CB, ICE, CME (and more), while liquidating some big tech positions like AMZN, MSFT and more.
# Risk and Style Profile - As of Market Close on Feb 5th, 2026
Returns only tell half the story. Two portfolios can have identical returns but vastly different risk profiles — one might achieve those returns with steady, consistent gains while another swings wildly from week to week.
|Metric|Claude|Gemini|ChatGPT|
|:-|:-|:-|:-|
|Risk Score|5 out of 5|5 out of 5|5 out of 5|
|Volatility|22%|22%|18%|
|Market Sensitivity|0.8|0.9|0.6|
|Biggest Loss|\-14.00% 2/2025 - 4/2025|\-23.00% 2/2025 - 4/2025|\-18.00% 12/2024 - 4/2025|
|Cash Income|1.24%|1.63%|1.76%|
Here's what each metric means.
**Volatility** measures the historical variance of each portfolio by calculating how much its value swung up or down daily over the past year. All three portfolios have fairly ordinary volatility similar to what the overall market has (18% over the same period).
**Market Sensitivity** (also known as historical beta) shows how sensitive each portfolio is to the broader equity market. A beta of 1.0 means it moves in lockstep with the market. Claude's 0.8 and ChatGPT's 0.6 suggest these portfolios are less reactive to overall market swings — when the market drops 1%, they tend to drop less. Gemini's 0.9 tracks the market most closely of the three.
**Biggest Loss** (max drawdown) is the largest percentage drop from peak to trough. This is the "worst-case" number — if you had invested at the worst possible moment, this is how much you would have lost before recovery. Gemini's -23% drawdown during the February–April 2025 period was the worst of the three, while Claude weathered the same period with a shallower -14% loss. ChatGPT's drawdown started earlier (December 2024) but landed in between at -18%.
**Cash Income** is the projected dividend yield from the underlying holdings over the next year. ChatGPT leads here at 1.76%, suggesting it holds more dividend-paying stocks, while Claude's 1.24% indicates a tilt toward growth names that reinvest earnings rather than distribute them.
# What to Watch Next Week
Markets don't stand still, and neither do these portfolios. Upcoming events that could impact performance include any relevant earnings, Fed announcements, economic data releases.
We'll be back next Saturday with updated numbers. If you want to understand how these portfolios performed during any specific market event, or have questions about how to interpret any of these metrics, drop a comment below and follow this experiment at r/copytrading101!
🗄️ Disclaimers [here](https://www.reddit.com/r/CopyTrading101/wiki/disclaimers/)
^(Portfolios offered by dub advisors are managed through its Premium Creator program. Creators participating in the dub Creator Program are not acting as investment advisers, are not registered with the SEC or any state securities authority unless otherwise disclosed, and are not providing personalized investment advice. Their portfolios are licensed to dub Advisors, LLC, an SEC-registered investment adviser, which maintains sole discretion over all investment decisions and portfolio management.)