A run time software test tool instruments a program to perform a low overhead profiling of the program's execution, which records the execution time of frequent acyclic control flow paths using hardware performance counters. An analysis of the profiling data is performed to identify those program paths that have significant variation in execution time across different dynamic traversals in the same program run. This variation (measured as the difference between the fastest execution of that path and slower executions) represents the potential speedup that potentially could be achieved if the paths were optimized (such as by the addition of simple pre-fetch optimizations) to do away with these variations. The variational paths are identified to the programmer to guide optimization.