A thread scheduler identifies a thread operable to be scheduled by a scheduling policy for execution on the chip multiprocessor. The thread scheduler estimates, for the thread, a performance value that is based on runtime statistics of the thread for a shared resource on the chip multiprocessor. Additionally, the thread scheduler applies the performance value to the scheduling policy in order to reallocate processor time of the thread commensurate with the performance value under fair distribution of the shared resource on the chip multiprocessor. The thread scheduler also applies the performance value to the scheduling policy in order to reallocate processor time of at least one co-executing thread to compensate for the reallocation of processor time to the thread.