Comparative financial analysis process shows the comparison between the items of which statement:

Both

Option1-Profit & Loss Statement
Option 2-Balance Sheet
These are the statements showing the profitability and financial position of a firm for different periods of time in a comparative form to give an idea about the position of two or more periods. It usually applies to the two important financial statements, namely, balance sheet and statement of profit and loss prepared in a comparative form. The financial data will be comparative only when same accounting principles are used in preparing these statements.