diff --git a/diff-lib.c b/diff-lib.c
index 732f684a49..d5bbb7ea50 100644
--- a/diff-lib.c
+++ b/diff-lib.c
@@ -518,11 +518,11 @@ static int diff_cache(struct rev_info *revs,
 int run_diff_index(struct rev_info *revs, int cached)
 {
 	struct object_array_entry *ent;
-	uint64_t start = getnanotime();
 
 	if (revs->pending.nr != 1)
 		BUG("run_diff_index must be passed exactly one tree");
 
+	trace_performance_enter();
 	ent = revs->pending.objects;
 	if (diff_cache(revs, &ent->item->oid, ent->name, cached))
 		exit(128);
@@ -531,7 +531,7 @@ int run_diff_index(struct rev_info *revs, int cached)
 	diffcore_fix_diff_index(&revs->diffopt);
 	diffcore_std(&revs->diffopt);
 	diff_flush(&revs->diffopt);
-	trace_performance_since(start, "diff-index");
+	trace_performance_leave("diff-index");
 	return 0;
 }
 
diff --git a/dir.c b/dir.c
index 32f5f72759..18b57b94cc 100644
--- a/dir.c
+++ b/dir.c
@@ -2263,10 +2263,13 @@ int read_directory(struct dir_struct *dir, struct index_state *istate,
 		   const char *path, int len, const struct pathspec *pathspec)
 {
 	struct untracked_cache_dir *untracked;
-	uint64_t start = getnanotime();
 
-	if (has_symlink_leading_path(path, len))
+	trace_performance_enter();
+
+	if (has_symlink_leading_path(path, len)) {
+		trace_performance_leave("read directory %.*s", len, path);
 		return dir->nr;
+	}
 
 	untracked = validate_untracked_cache(dir, len, pathspec);
 	if (!untracked)
@@ -2302,7 +2305,7 @@ int read_directory(struct dir_struct *dir, struct index_state *istate,
 		dir->nr = i;
 	}
 
-	trace_performance_since(start, "read directory %.*s", len, path);
+	trace_performance_leave("read directory %.*s", len, path);
 	if (dir->untracked) {
 		static int force_untracked_cache = -1;
 		static struct trace_key trace_untracked_stats = TRACE_KEY_INIT(UNTRACKED_STATS);
diff --git a/name-hash.c b/name-hash.c
index 163849831c..1fcda73cb3 100644
--- a/name-hash.c
+++ b/name-hash.c
@@ -578,10 +578,10 @@ static void threaded_lazy_init_name_hash(
 
 static void lazy_init_name_hash(struct index_state *istate)
 {
-	uint64_t start = getnanotime();
 
 	if (istate->name_hash_initialized)
 		return;
+	trace_performance_enter();
 	hashmap_init(&istate->name_hash, cache_entry_cmp, NULL, istate->cache_nr);
 	hashmap_init(&istate->dir_hash, dir_entry_cmp, NULL, istate->cache_nr);
 
@@ -602,7 +602,7 @@ static void lazy_init_name_hash(struct index_state *istate)
 	}
 
 	istate->name_hash_initialized = 1;
-	trace_performance_since(start, "initialize name hash");
+	trace_performance_leave("initialize name hash");
 }
 
 /*
diff --git a/preload-index.c b/preload-index.c
index 4d08d44874..d7f7919ba2 100644
--- a/preload-index.c
+++ b/preload-index.c
@@ -78,7 +78,6 @@ static void preload_index(struct index_state *index,
 {
 	int threads, i, work, offset;
 	struct thread_data data[MAX_PARALLEL];
-	uint64_t start = getnanotime();
 
 	if (!core_preload_index)
 		return;
@@ -88,6 +87,7 @@ static void preload_index(struct index_state *index,
 		threads = 2;
 	if (threads < 2)
 		return;
+	trace_performance_enter();
 	if (threads > MAX_PARALLEL)
 		threads = MAX_PARALLEL;
 	offset = 0;
@@ -109,7 +109,7 @@ static void preload_index(struct index_state *index,
 		if (pthread_join(p->pthread, NULL))
 			die("unable to join threaded lstat");
 	}
-	trace_performance_since(start, "preload index");
+	trace_performance_leave("preload index");
 }
 #endif
 
diff --git a/read-cache.c b/read-cache.c
index c5fabc844a..1c9c88c130 100644
--- a/read-cache.c
+++ b/read-cache.c
@@ -1476,8 +1476,8 @@ int refresh_index(struct index_state *istate, unsigned int flags,
 	const char *typechange_fmt;
 	const char *added_fmt;
 	const char *unmerged_fmt;
-	uint64_t start = getnanotime();
 
+	trace_performance_enter();
 	modified_fmt = (in_porcelain ? "M\t%s\n" : "%s: needs update\n");
 	deleted_fmt = (in_porcelain ? "D\t%s\n" : "%s: needs update\n");
 	typechange_fmt = (in_porcelain ? "T\t%s\n" : "%s needs update\n");
@@ -1547,7 +1547,7 @@ int refresh_index(struct index_state *istate, unsigned int flags,
 
 		replace_index_entry(istate, i, new_entry);
 	}
-	trace_performance_since(start, "refresh index");
+	trace_performance_leave("refresh index");
 	return has_errors;
 }
 
@@ -2002,7 +2002,6 @@ static void freshen_shared_index(const char *shared_index, int warn)
 int read_index_from(struct index_state *istate, const char *path,
 		    const char *gitdir)
 {
-	uint64_t start = getnanotime();
 	struct split_index *split_index;
 	int ret;
 	char *base_oid_hex;
@@ -2012,8 +2011,9 @@ int read_index_from(struct index_state *istate, const char *path,
 	if (istate->initialized)
 		return istate->cache_nr;
 
+	trace_performance_enter();
 	ret = do_read_index(istate, path, 0);
-	trace_performance_since(start, "read cache %s", path);
+	trace_performance_leave("read cache %s", path);
 
 	split_index = istate->split_index;
 	if (!split_index || is_null_oid(&split_index->base_oid)) {
@@ -2021,6 +2021,7 @@ int read_index_from(struct index_state *istate, const char *path,
 		return ret;
 	}
 
+	trace_performance_enter();
 	if (split_index->base)
 		discard_index(split_index->base);
 	else
@@ -2037,8 +2038,8 @@ int read_index_from(struct index_state *istate, const char *path,
 	freshen_shared_index(base_path, 0);
 	merge_base_index(istate);
 	post_read_index_from(istate);
-	trace_performance_since(start, "read cache %s", base_path);
 	free(base_path);
+	trace_performance_leave("read cache %s", base_path);
 	return ret;
 }
 
diff --git a/trace.c b/trace.c
index fc623e91fd..fa4a2e7120 100644
--- a/trace.c
+++ b/trace.c
@@ -176,10 +176,30 @@ void trace_strbuf_fl(const char *file, int line, struct trace_key *key,
 	strbuf_release(&buf);
 }
 
+static uint64_t perf_start_times[10];
+static int perf_indent;
+
+uint64_t trace_performance_enter(void)
+{
+	uint64_t now;
+
+	if (!trace_want(&trace_perf_key))
+		return 0;
+
+	now = getnanotime();
+	perf_start_times[perf_indent] = now;
+	if (perf_indent + 1 < ARRAY_SIZE(perf_start_times))
+		perf_indent++;
+	else
+		BUG("Too deep indentation");
+	return now;
+}
+
 static void trace_performance_vprintf_fl(const char *file, int line,
 					 uint64_t nanos, const char *format,
 					 va_list ap)
 {
+	static const char space[] = "          ";
 	struct strbuf buf = STRBUF_INIT;
 
 	if (!prepare_trace_line(file, line, &trace_perf_key, &buf))
@@ -188,7 +208,10 @@ static void trace_performance_vprintf_fl(const char *file, int line,
 	strbuf_addf(&buf, "performance: %.9f s", (double) nanos / 1000000000);
 
 	if (format && *format) {
-		strbuf_addstr(&buf, ": ");
+		if (perf_indent >= strlen(space))
+			BUG("Too deep indentation");
+
+		strbuf_addf(&buf, ":%.*s ", perf_indent, space);
 		strbuf_vaddf(&buf, format, ap);
 	}
 
@@ -244,6 +267,24 @@ void trace_performance_since(uint64_t start, const char *format, ...)
 	va_end(ap);
 }
 
+void trace_performance_leave(const char *format, ...)
+{
+	va_list ap;
+	uint64_t since;
+
+	if (perf_indent)
+		perf_indent--;
+
+	if (!format) /* Allow callers to leave without tracing anything */
+		return;
+
+	since = perf_start_times[perf_indent];
+	va_start(ap, format);
+	trace_performance_vprintf_fl(NULL, 0, getnanotime() - since,
+				     format, ap);
+	va_end(ap);
+}
+
 #else
 
 void trace_printf_key_fl(const char *file, int line, struct trace_key *key,
@@ -273,6 +314,24 @@ void trace_performance_fl(const char *file, int line, uint64_t nanos,
 	va_end(ap);
 }
 
+void trace_performance_leave_fl(const char *file, int line,
+				uint64_t nanos, const char *format, ...)
+{
+	va_list ap;
+	uint64_t since;
+
+	if (perf_indent)
+		perf_indent--;
+
+	if (!format) /* Allow callers to leave without tracing anything */
+		return;
+
+	since = perf_start_times[perf_indent];
+	va_start(ap, format);
+	trace_performance_vprintf_fl(file, line, nanos - since, format, ap);
+	va_end(ap);
+}
+
 #endif /* HAVE_VARIADIC_MACROS */
 
 
@@ -411,13 +470,11 @@ uint64_t getnanotime(void)
 	}
 }
 
-static uint64_t command_start_time;
 static struct strbuf command_line = STRBUF_INIT;
 
 static void print_command_performance_atexit(void)
 {
-	trace_performance_since(command_start_time, "git command:%s",
-				command_line.buf);
+	trace_performance_leave("git command:%s", command_line.buf);
 }
 
 void trace_command_performance(const char **argv)
@@ -425,10 +482,10 @@ void trace_command_performance(const char **argv)
 	if (!trace_want(&trace_perf_key))
 		return;
 
-	if (!command_start_time)
+	if (!command_line.len)
 		atexit(print_command_performance_atexit);
 
 	strbuf_reset(&command_line);
 	sq_quote_argv_pretty(&command_line, argv);
-	command_start_time = getnanotime();
+	trace_performance_enter();
 }
diff --git a/trace.h b/trace.h
index 2b6a1bc17c..171b256d26 100644
--- a/trace.h
+++ b/trace.h
@@ -23,6 +23,7 @@ extern void trace_disable(struct trace_key *key);
 extern uint64_t getnanotime(void);
 extern void trace_command_performance(const char **argv);
 extern void trace_verbatim(struct trace_key *key, const void *buf, unsigned len);
+uint64_t trace_performance_enter(void);
 
 #ifndef HAVE_VARIADIC_MACROS
 
@@ -45,6 +46,9 @@ extern void trace_performance(uint64_t nanos, const char *format, ...);
 __attribute__((format (printf, 2, 3)))
 extern void trace_performance_since(uint64_t start, const char *format, ...);
 
+__attribute__((format (printf, 1, 2)))
+void trace_performance_leave(const char *format, ...);
+
 #else
 
 /*
@@ -118,6 +122,14 @@ extern void trace_performance_since(uint64_t start, const char *format, ...);
 					     __VA_ARGS__);		    \
 	} while (0)
 
+#define trace_performance_leave(...)					    \
+	do {								    \
+		if (trace_pass_fl(&trace_perf_key))			    \
+			trace_performance_leave_fl(TRACE_CONTEXT, __LINE__, \
+						   getnanotime(),	    \
+						   __VA_ARGS__);	    \
+	} while (0)
+
 /* backend functions, use non-*fl macros instead */
 __attribute__((format (printf, 4, 5)))
 extern void trace_printf_key_fl(const char *file, int line, struct trace_key *key,
@@ -130,6 +142,9 @@ extern void trace_strbuf_fl(const char *file, int line, struct trace_key *key,
 __attribute__((format (printf, 4, 5)))
 extern void trace_performance_fl(const char *file, int line,
 				 uint64_t nanos, const char *fmt, ...);
+__attribute__((format (printf, 4, 5)))
+extern void trace_performance_leave_fl(const char *file, int line,
+				       uint64_t nanos, const char *fmt, ...);
 static inline int trace_pass_fl(struct trace_key *key)
 {
 	return key->fd || !key->initialized;