diff --git a/arch/x86/events/intel/core.c b/arch/x86/events/intel/core.c
index 5ac8fe31871b..75c74e8fe2f4 100644
--- a/arch/x86/events/intel/core.c
+++ b/arch/x86/events/intel/core.c
@@ -5330,23 +5330,14 @@ static struct perf_guest_switch_msr *intel_guest_get_msrs(int *nr, void *data)
 		return arr;
 	}
 
+	/*
+	 * If the guest won't use PEBS or the CPU doesn't support PEBS in the
+	 * guest, then there's nothing more to do as disabling PMCs via
+	 * PERF_GLOBAL_CTRL is sufficient on CPUs with guest/host isolation.
+	 */
 	if (!kvm_pmu || !x86_pmu.pebs_ept)
 		return arr;
 
-	arr[(*nr)++] = (struct perf_guest_switch_msr){
-		.msr = MSR_IA32_DS_AREA,
-		.host = (unsigned long)cpuc->ds,
-		.guest = kvm_pmu->ds_area,
-	};
-
-	if (x86_pmu.intel_cap.pebs_baseline) {
-		arr[(*nr)++] = (struct perf_guest_switch_msr){
-			.msr = MSR_PEBS_DATA_CFG,
-			.host = cpuc->active_pebs_data_cfg,
-			.guest = kvm_pmu->pebs_data_cfg,
-		};
-	}
-
 	/*
 	 * Restrict guest PEBS events to counters that (a) perf supports, (b)
 	 * the guest wants to use for PEBS, (c) are not excluded from counting
@@ -5373,6 +5364,26 @@ static struct perf_guest_switch_msr *intel_guest_get_msrs(int *nr, void *data)
 	if (pebs_mask & ~cpuc->intel_ctrl_guest_mask)
 		guest_pebs_mask = 0;
 
+	/*
+	 * Context switch DS_AREA and PEBS_DATA_CFG if and only if PEBS will be
+	 * active in the guest; if no records will be generated while the guest
+	 * is running, then simply keep the host values resident in hardware.
+	 */
+	arr[(*nr)++] = (struct perf_guest_switch_msr){
+		.msr = MSR_IA32_DS_AREA,
+		.host = (unsigned long)cpuc->ds,
+		.guest = guest_pebs_mask ? kvm_pmu->ds_area : (unsigned long)cpuc->ds,
+	};
+
+	if (x86_pmu.intel_cap.pebs_baseline) {
+		arr[(*nr)++] = (struct perf_guest_switch_msr){
+			.msr = MSR_PEBS_DATA_CFG,
+			.host = cpuc->active_pebs_data_cfg,
+			.guest = guest_pebs_mask ? kvm_pmu->pebs_data_cfg :
+						   cpuc->active_pebs_data_cfg,
+		};
+	}
+
 	/*
 	 * Do NOT mess with PEBS_ENABLED.  As above, disabling counters via
 	 * PERF_GLOBAL_CTRL is sufficient, and loading a stale PEBS_ENABLED,