Without further details about how your VM is configured, its impossible to offer anything intelligent to look at. What is the difference in configuration CPU/Memory/DiskIO between the physical server and the VM? Does the VM have dedicated resources on the host to it, or is the host oversubscribed and coscheduling? What is the host virtualization platform (it makes a difference because the counters for the guests at the host level differ from platform to platform). Since this is a 64 bit VM did you set max server memory, enable lock pages in memory? What is the values for SELECT @@VERSION from both machines?