ChatGPT vs. Perplexity for SEC Filing Analysis: Which Is More Accurate?
If you research stocks with AI, the question that matters is not which chatbot sounds smarter. It is which one gives you the right number from a 10-K and shows you where it found it. In ChatGPT vs Perplexity financial analysis, accuracy depends less on the brand than on how the tool retrieves, cites, and admits what it doesn't know.
This guide covers how the two tools differ by design, what the evidence says about AI errors on SEC filings, and a repeatable test you can run yourself. It builds on our overview of top AI stock analysis tools and the standards in how RAA9 evaluates AI investing tools.
Why SEC Filings Are a Hard Test for AI
Filings are long and dense, and the answer is often in a footnote. A model can fail in three ways:
- Fabrication: it invents a figure that isn't in the document.
- Misreading: it grabs the wrong period, segment, or unit (thousands vs. millions).
- Overconfident answering: it responds even when the filing doesn't contain the data, instead of saying "not disclosed."
The best-known evidence is FinanceBench, a benchmark of questions drawn from real SEC filings. In that study, GPT-4-Turbo used with a retrieval system incorrectly answered or refused 81% of questions, and every model examined showed weaknesses such as hallucinations. A separate summary of the study reported that the best model reached 79 percent accuracy even with nearly the whole report in the prompt.
Treat those numbers as a warning about the failure types, not a current ranking. They come from 2023-era models, and both products have changed a great deal since. That is why you should test current versions yourself.
How They Differ by Design
Perplexity is built around retrieval and citation. Its Finance section draws on SEC/EDGAR filings (10-K, 10-Q, 8-K and others) and live earnings transcripts through Quartr, according to a third-party guide. Its newer Computer for Professional Finance offering, available to Pro and Max subscribers, adds licensed data providers and outputs with hyperlinked figures that open the original SEC filing, transcript, or data source (source). On paper, that traceability is the main advantage for filing work.
ChatGPT is a general assistant. You can upload a filing or use web search, but how well it traces a number depends on how you set it up. OpenAI's dedicated product, ChatGPT for Financial Services (launched September 10, 2026), is aimed at institutions: it is available to eligible financial institutions, and OpenAI says its data is indexed on its own infrastructure to support granular citations. Individual investors on Plus or Pro don't get that product, so a consumer comparison is really consumer ChatGPT against consumer Perplexity.
| Factor | Perplexity (Pro/Max) | ChatGPT (Plus/Pro) |
|---|---|---|
| Built for | Search with citations | General assistant |
| SEC filing access | EDGAR retrieval in Finance | Web search or your own upload |
| Source traceability | Core design; links to filings | Depends on your setup |
| Individual price (verify) | Pro around $20/mo; Max $200/mo | Plus $20/mo; Pro $200/mo |
| Institutional tier | Enterprise plans | ChatGPT for Financial Services |
Prices come from third-party trackers and change often. Check each vendor's pricing page before subscribing.
The RAA9 Accuracy Test: A Repeatable Method
Run the same prompts in both tools, on the same day, in fresh chats. Record the model or mode used. Verify every answer against SEC EDGAR, choosing a company you know well.
Eight test questions
- Headline figure: total revenue for the latest fiscal year.
- Footnote figure: a number found only in the notes, such as lease obligations or share-based compensation.
- Cover-page fact: shares outstanding and the date reported.
- Segment data: one segment's operating income.
- Calculation: gross margin, computed from reported figures, with the inputs shown.
- Year-over-year change: one new or removed risk factor.
- The trap: a metric the company doesn't disclose. A good tool says "not disclosed."
- The wrong period: a fiscal year that hasn't been reported yet. A good tool declines.
How to score each answer
- Correct and cited: the number matches and the link opens the right filing.
- Correct but uncited: right number, no usable source.
- Wrong: a mismatch, wrong period, or wrong unit.
- Fabricated: the figure appears nowhere in the filing.
- Appropriate refusal: it says the data isn't available (the right answer to questions 7 and 8).
Results Table
| Metric | Perplexity | ChatGPT |
|---|---|---|
| Correct and cited (of 8) | [ ] | [ ] |
| Correct but uncited | [ ] | [ ] |
| Wrong | [ ] | [ ] |
| Fabricated | [ ] | [ ] |
| Trap questions handled correctly (of 2) | [ ] | [ ] |
| Date tested / model or mode used | [ ] | [ ] |
What to Look for Beyond the Score
- Refusal behavior: a tool that says "I can't find that" is safer than one that always answers. A research write-up on FinanceBench makes the same point: conservative refusal is preferable to confident hallucination, even if it lowers the apparent success rate.
- Citation quality: a link to a filing isn't proof. Open it and confirm the number is on that page.
- Consistency: ask the same question twice. A different number each time is a red flag.
A Safe Workflow
- Use AI to find the right section of a long filing.
- Verify every figure you'll rely on against the original on EDGAR.
- Do your own valuation and treat AI summaries as a starting point.
Frequently Asked Questions
Is Perplexity more accurate than ChatGPT for SEC filings?
It depends on the task and setup. Perplexity is designed around citations, which makes errors easier to catch, but neither tool should be trusted without checking the source. Run the test above on current versions.
Can ChatGPT hallucinate financial numbers?
Yes. Studies on SEC filings have found fabricated figures and incorrect answers in earlier model generations, and no current model is immune. Always verify key numbers on EDGAR.
Do I need a paid plan?
Free tiers have usage limits, and paid plans raise them. For occasional filing checks, test the free versions first, then upgrade only if you hit a real limit.
Where should I verify AI answers?
Use the company's filing on SEC EDGAR or its investor relations page.
Disclaimer: This article is for general educational and informational purposes only and does not constitute personalized financial, investment, tax, or legal advice. Investing carries risk, including the possible loss of principal. Always perform independent research and consult a qualified professional before making financial decisions.
Comments
Post a Comment