Some embodiments provide a system that analyzes telemetry data from a monitored system. During operation, the system obtains the telemetry data as a set of telemetric signals from the monitored system and groups the telemetry data into one or more clusters of correlated telemetric signals from the telemetric signals. Next, the system increases a bandwidth associated with monitoring the telemetric signals. To increase the bandwidth, the system omits one or more of the correlated telemetric signals from each of the clusters during sampling of the telemetric signals and estimates the omitted correlated telemetric signals by applying a nonlinear, nonparametric regression technique to the sampled telemetric signals.