An aspect of the present invention improves the accuracy of measuring processor utilization of multi-threaded cores by providing a calibration facility that derives utilization in the context of the overall dynamic operating state of the core by assigning weights to idle threads and assigning weights to run threads, depending on the status of the core. From previous chip designs it has been established in a Simultaneous Multi Thread (SMT) core that not all idle cycles in a hardware thread can be equally converted into useful work. Competition for core resources reduces the conversion efficiency of one thread's idle cycles when any other thread is running on the same core.