An apparatus and method are provided for the dynamic instrumentation of code to minimize system perturbation during tracing of the execution of the code. With the apparatus and method, "hot spots" in the execution of the code are dynamically determined during tracing of the execution of the code. These "hot spots" are dynamically instrumented, i.e. an event hook is inserted, to cause control to be passed to a handler that determines a caller of the "hot spot" method. The method that called the "hot spot" method, or "caller" method, is identified from a call stack and is dynamically instrumented for an appropriate metric so that the next time the calling method is executed, the dynamically inserted hooks are executed. The execution of the hooks in the caller method is continued for a predetermined period, e.g., number of invocations, to get an understanding of the caller method's characteristics. A list of callers of instrumented methods is maintained and used to determine one or more calling methods of the instrumented caller method. One or more of these calling methods may be instrumented and the hooks inserted in the instrumented caller method (called by the one or more calling methods), are removed. In this way, the call graph of the hot spots of a program execution is "walked up" and characterized over time.