diff --git a/test_perf_error_already_set.cpp b/test_perf_error_already_set.cpp
new file mode 100644
index 0000000..cbbd7ce
--- /dev/null
+++ b/test_perf_error_already_set.cpp
@@ -0,0 +1,205 @@
+#include "pybind11_tests.h"
+
+namespace test_perf_error_already_set {
+
+struct boost_python_error_already_set {
+    virtual ~boost_python_error_already_set() {}
+};
+
+void pure_unwind(std::size_t num_iterations) {
+    while (num_iterations) {
+        try {
+            throw boost_python_error_already_set();
+        } catch (const boost_python_error_already_set &) {
+        }
+        num_iterations--;
+    }
+}
+
+void generate_python_exception_with_traceback(const py::object &callable_raising_exception) {
+    try {
+        callable_raising_exception();
+    } catch (py::error_already_set &e) {
+        e.restore();
+    }
+}
+
+void do_real_work(std::size_t num_iterations) {
+    while (num_iterations) {
+        std::sqrt(static_cast<double>(num_iterations % 1000000));
+        num_iterations--;
+    }
+}
+
+void err_set_unwind_err_clear(const py::object &callable_raising_exception,
+                              std::size_t num_iterations,
+                              bool call_error_string,
+                              std::size_t real_work) {
+    while (num_iterations) {
+        do_real_work(real_work);
+        try {
+            generate_python_exception_with_traceback(callable_raising_exception);
+            throw boost_python_error_already_set();
+        } catch (const boost_python_error_already_set &) {
+            if (call_error_string) {
+                py::detail::error_string();
+            }
+            PyErr_Clear();
+        }
+        num_iterations--;
+    }
+}
+
+void err_set_err_clear(const py::object &callable_raising_exception,
+                       std::size_t num_iterations,
+                       bool call_error_string,
+                       std::size_t real_work) {
+    while (num_iterations) {
+        do_real_work(real_work);
+        generate_python_exception_with_traceback(callable_raising_exception);
+        if (call_error_string) {
+            py::detail::error_string();
+        }
+        PyErr_Clear();
+        num_iterations--;
+    }
+}
+
+void err_set_error_already_set(const py::object &callable_raising_exception,
+                               std::size_t num_iterations,
+                               bool call_error_string,
+                               std::size_t real_work) {
+    while (num_iterations) {
+        do_real_work(real_work);
+        try {
+            generate_python_exception_with_traceback(callable_raising_exception);
+            throw py::error_already_set();
+        } catch (const py::error_already_set &e) {
+            if (call_error_string) {
+                e.what();
+            }
+        }
+        num_iterations--;
+    }
+}
+
+void err_set_err_fetch(const py::object &callable_raising_exception,
+                       std::size_t num_iterations,
+                       bool call_error_string,
+                       std::size_t real_work) {
+    PyObject *exc_type, *exc_value, *exc_trace;
+    while (num_iterations) {
+        do_real_work(real_work);
+        generate_python_exception_with_traceback(callable_raising_exception);
+        PyErr_Fetch(&exc_type, &exc_value, &exc_trace);
+        if (call_error_string) {
+            py::detail::error_string(exc_type, exc_value, exc_trace);
+        }
+        num_iterations--;
+    }
+}
+
+void error_already_set_restore(const py::object &callable_raising_exception,
+                               std::size_t num_iterations,
+                               bool call_error_string,
+                               std::size_t real_work) {
+    generate_python_exception_with_traceback(callable_raising_exception);
+    while (num_iterations) {
+        do_real_work(real_work);
+        try {
+            throw py::error_already_set();
+        } catch (py::error_already_set &e) {
+            if (call_error_string) {
+                e.what();
+            }
+            e.restore();
+        }
+        num_iterations--;
+    }
+    PyErr_Clear();
+}
+
+void err_fetch_err_restore(const py::object &callable_raising_exception,
+                           std::size_t num_iterations,
+                           bool call_error_string,
+                           std::size_t real_work) {
+    generate_python_exception_with_traceback(callable_raising_exception);
+    PyObject *exc_type, *exc_value, *exc_trace;
+    while (num_iterations) {
+        do_real_work(real_work);
+        PyErr_Fetch(&exc_type, &exc_value, &exc_trace);
+        if (call_error_string) {
+            py::detail::error_string(exc_type, exc_value, exc_trace);
+        }
+        PyErr_Restore(exc_type, exc_value, exc_trace);
+        num_iterations--;
+    }
+    PyErr_Clear();
+}
+
+// https://github.com/pybind/pybind11/pull/1895 original PR description.
+py::int_ pr1895_original_foo() {
+    py::dict d;
+    try {
+        return d["foo"];
+    } catch (const py::error_already_set &) {
+        return py::int_(42);
+    }
+}
+
+} // namespace test_perf_error_already_set
+
+TEST_SUBMODULE(perf_error_already_set, m) {
+    using namespace test_perf_error_already_set;
+    m.def("pure_unwind", pure_unwind);
+    m.def("err_set_unwind_err_clear",
+          // Is there an easier way to get an exception with traceback?
+          [m](const py::object &callable_raising_exception,
+              std::size_t num_iterations,
+              bool call_error_string,
+              std::size_t real_work) {
+              err_set_unwind_err_clear(
+                  callable_raising_exception, num_iterations, call_error_string, real_work);
+          });
+    m.def("err_set_err_clear",
+          [m](const py::object &callable_raising_exception,
+              std::size_t num_iterations,
+              bool call_error_string,
+              std::size_t real_work) {
+              err_set_err_clear(
+                  callable_raising_exception, num_iterations, call_error_string, real_work);
+          });
+    m.def("err_set_error_already_set",
+          [m](const py::object &callable_raising_exception,
+              std::size_t num_iterations,
+              bool call_error_string,
+              std::size_t real_work) {
+              err_set_error_already_set(
+                  callable_raising_exception, num_iterations, call_error_string, real_work);
+          });
+    m.def("err_set_err_fetch",
+          [m](const py::object &callable_raising_exception,
+              std::size_t num_iterations,
+              bool call_error_string,
+              std::size_t real_work) {
+              err_set_err_fetch(
+                  callable_raising_exception, num_iterations, call_error_string, real_work);
+          });
+    m.def("error_already_set_restore",
+          [m](const py::object &callable_raising_exception,
+              std::size_t num_iterations,
+              bool call_error_string,
+              std::size_t real_work) {
+              error_already_set_restore(
+                  callable_raising_exception, num_iterations, call_error_string, real_work);
+          });
+    m.def("err_fetch_err_restore",
+          [m](const py::object &callable_raising_exception,
+              std::size_t num_iterations,
+              bool call_error_string,
+              std::size_t real_work) {
+              err_fetch_err_restore(
+                  callable_raising_exception, num_iterations, call_error_string, real_work);
+          });
+    m.def("pr1895_original_foo", pr1895_original_foo);
+}
diff --git a/test_perf_error_already_set.py b/test_perf_error_already_set.py
new file mode 100644
index 0000000..4c591e2
--- /dev/null
+++ b/test_perf_error_already_set.py
@@ -0,0 +1,117 @@
+import time
+
+import pytest
+
+from pybind11_tests import perf_error_already_set as m
+
+
+def raise_runtime_error_from_python():
+    raise RuntimeError("Raised from Python.")
+
+
+def recurse_first_then_call(
+    depth, callable, call_repetitions, call_error_string, real_work
+):
+    if depth:
+        recurse_first_then_call(
+            depth - 1, callable, call_repetitions, call_error_string, real_work
+        )
+    else:
+        if call_error_string is None:
+            callable(call_repetitions)
+        else:
+            callable(
+                raise_runtime_error_from_python,
+                call_repetitions,
+                call_error_string,
+                real_work,
+            )
+
+
+def find_call_repetitions(
+    recursion_depth,
+    callable,
+    call_error_string,
+    real_work,
+    time_delta_floor=1.0e-6,
+    target_elapsed_secs_multiplier=1.05,  # Empirical.
+    target_elapsed_secs_tolerance=0.05,
+    max_iterations=100,
+    call_repetitions_first_pass=100,
+    call_repetitions_target_elapsed_secs=0.1,  # 1.0 for real benchmarking.
+):
+    td_target = call_repetitions_target_elapsed_secs * target_elapsed_secs_multiplier
+    crd = call_repetitions_first_pass
+    for _ in range(max_iterations):
+        t0 = time.time()
+        recurse_first_then_call(
+            recursion_depth, callable, crd, call_error_string, real_work
+        )
+        td = time.time() - t0
+        crd = max(1, int(td_target * crd / max(td, time_delta_floor)))
+        if abs(td - td_target) / td_target < target_elapsed_secs_tolerance:
+            return crd
+    raise RuntimeError("find_call_repetitions failure: max_iterations exceeded.")
+
+
+def pr1895_original_foo(num_iterations):
+    assert num_iterations >= 0
+    while num_iterations:
+        m.pr1895_original_foo()
+        num_iterations -= 1
+
+
+@pytest.mark.parametrize(
+    "perf_name",
+    [
+        "pure_unwind",
+        "err_set_unwind_err_clear",
+        "err_set_err_clear",
+        "err_set_error_already_set",
+        "err_set_err_fetch",
+        "error_already_set_restore",
+        "err_fetch_err_restore",
+        "pr1895_original_foo",
+    ],
+)
+def test_perf(perf_name):
+    print(flush=True)
+    if perf_name == "pr1895_original_foo":
+        callable = pr1895_original_foo
+    else:
+        callable = getattr(m, perf_name)
+    if perf_name in ("pure_unwind", "pr1895_original_foo"):
+        real_work_list = [None]
+        call_error_string_list = [None]
+    else:
+        real_work_list = [0, 10000]
+        call_error_string_list = [False, True]
+    for real_work in real_work_list:
+        for recursion_depth in [0, 100]:
+            first_per_call = None
+            for call_error_string in call_error_string_list:
+                call_repetitions = find_call_repetitions(
+                    recursion_depth, callable, call_error_string, real_work
+                )
+                t0 = time.time()
+                recurse_first_then_call(
+                    recursion_depth,
+                    callable,
+                    call_repetitions,
+                    call_error_string,
+                    real_work,
+                )
+                secs = time.time() - t0
+                u_secs = secs * 10e6
+                per_call = u_secs / call_repetitions
+                if first_per_call is None:
+                    relative_to_first = ""
+                    first_per_call = per_call
+                else:
+                    rel_percent = first_per_call / per_call * 100
+                    relative_to_first = f",{rel_percent:.2f}%"
+                print(
+                    f"PERF {perf_name},{recursion_depth},{call_repetitions},{call_error_string},"
+                    f"{real_work},{secs:.3f}s,{per_call:.6f}μs{relative_to_first}",
+                    flush=True,
+                )