Estimated Stream Multiprocessor Efficiency (Est. SM Efficiency) is a finer grained metric, it indicates what percentage of SMs are in use at any point in the trace This metric reports the percentage of time where there is at least one active warp on a SM and those that are stalled (NVIDIA doc). Est. SM Efficiency also has it’s limitation. For instance, a kernel with only one thread per block can’t fully use each SM. SM Efficiency does not tell us how busy each SM is, only that they are doing anything at all, which can include stalling while waiting on the result of a memory load. To keep an SM busy, it is necessary to have a sufficient number of ready warps that can be run whenever a stall occurs