Any ideas how to improve NVMe PCIe passthrough 4k random performance? Seeing 25% drop

I’m passing through a WD SN850 via PCIe to a Windows 10 VM.

I’m seeing only 60MB/s random 4k reads, compared to >80MB/s with baremetal VM on same system. Similiar drop on random 4k writes too. I’d expect there to be some reduction, but much smaller.

I can’t seem to find any way to reduce that 25% gap.

Sequential reads/writes are unaffected, so it seems there’s some significant latency between the drive and the VM. I’ve no idea what component I need to tweak here.