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I believe it's because Xen adds overhead[0] in its process of working around the need for hardware virtualisation support[1], whereas KVM has much less overhead, but requires hardware support to run efficiently.

[0]: http://dtrace.org/blogs/brendan/2013/01/11/virtualization-pe...

[1]: Xen was built before such support was widely adopted.



This is about right. A lot of the performance seems to be coming from lower hypervisor CPU overhead and better I/O virtualization with virtio.




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