Regarding optimizing of code done by compilers, I find this interesting:
<http://www-1.ibm.com/support/docview.wss?rs=2231&context=SS6SG3&dc=DA490&dc
=DA4A10&dc=DA4A30&dc=DA420&dc=DA480&dc=DA500&dc=DA410&dc=DA4A20&dc=DA440&dc=
DA460&dc=DA430&dc=DA470&dc=DA400&q1=cobpf310.pdf&uid=swg27001475&loc=en_US&c
s=utf-8&lang=en>.  Watch the amazing amount of wrap, or do a search for
"cobpf310.pdf".

This is a paper titled "IBM Enterprise COBOL Version 3 Release 1 Performance
Tuning."  There is a SHARE requirement to have this updated for more recent
versions of COBOL.

On pages 5 and 6, there is discussion of OPTIMIZE(STD), OPTIMIZE(FULL), or
NOOPTIMIZE.  Quoting...

Performance considerations using OPTIMIZE:

 - On the average, OPTIMIZE(STD) was 1% faster than NOOPTIMIZE, with a range
of 12% faster to equivalent.
 - On the average, OPTIMIZE(FULL) was equivalent to OPTIMIZE(STD).
 - One RENT program calling a RENT subprogram with 500 unreferenced data
items with VALUE clauses was 9% faster with OPTIMIZE(FULL) or OPT(STD)
compared to NOOPT.
 - The same RENT program calling a RENT subprogram with 500 unreferenced
data items with VALUE clauses using the IS INITIAL clause on the PROGRAM-ID
statement was 90% faster with OPTIMIZE(FULL) compared to OPT(STD).

Note: The two RENT program tests measured only the overhead of the CALL
(i.e., the subprogram did only a GOBACK); thus, a full application that does
more work in the subprograms may have different results.

...end quote

I think we're back to, "It Depends."

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