A chip multithreading processor schedules and assigns threads to its processing cores dependent on estimated miss rates in a shared cache memory of the threads. A cache miss rate of a thread is estimated by measuring cache miss rates of one or more groups of executing threads, where at least one of the groups includes the thread of interest. Using a determined estimated cache miss rate of the thread, the thread is scheduled with other threads to achieve a relatively low cache miss rate in the shared cache memory.
