diff --git a/benchmarks/aggregate.py b/benchmarks/aggregate.py
index 0b41ec5ee809..d39377e82699 100644
--- a/benchmarks/aggregate.py
+++ b/benchmarks/aggregate.py
@@ -175,26 +175,43 @@ def compute_speedups(acc_map: Dict[str, Any], baseline: Dict[str, Any],
   summarize_speedups(acc_map, out_label)
 
 
-# A benchmark's baseline is the oldest Inductor perf number we have for it.
-# This way we can track both Pytorch/XLA and Inductor perf improvements over
-# time.
-def compute_baseline(results_map: Dict[str, Any]) -> Dict[str, Any]:
+def populate_baseline(baseline: Dict[str, Any], inductor_results: Dict[str,
+                                                                       Any]):
+  for model_name in inductor_results:
+    if model_name not in baseline:
+      baseline[model_name] = {}
+    for batch_size in inductor_results[model_name]:
+      if batch_size not in baseline[model_name]:
+        baseline[model_name][batch_size] = inductor_results[model_name][
+            batch_size]
+
+
+def compute_baseline(args, results_map: Dict[str, Any]) -> Dict[str, Any]:
   baseline = {}
-  for ts in sorted(list(results_map.keys())):
+  timestamps = list(results_map.keys())
+  if not timestamps:
+    return baseline
+  timestamps.sort()
+  if args.baseline == 'oldest':
+    # A benchmark's baseline is the oldest Inductor perf number we have for it.
+    # This way we can track both Pytorch/XLA and Inductor perf improvements over
+    # time.
+    for ts in timestamps:
+      if 'inductor' not in results_map[ts]:
+        continue
+      populate_baseline(baseline, results_map[ts]['inductor'])
+
+  elif args.baseline == 'latest':
+    # Pick only results from the latest timestamp.
+    ts = timestamps[-1]
     if 'inductor' not in results_map[ts]:
-      continue
-    for model_name in results_map[ts]['inductor']:
-      if model_name not in baseline:
-        baseline[model_name] = {}
-      for batch_size in results_map[ts]['inductor'][model_name]:
-        if batch_size not in baseline[model_name]:
-          baseline[model_name][batch_size] = results_map[ts]['inductor'][
-              model_name][batch_size]
+      sys.exit(f'No Inductor results in the latest timestamp {ts}')
+    populate_baseline(baseline, results_map[ts]['inductor'])
   return baseline
 
 
 def process_results(args, results_map: Dict[str, Any]):
-  baseline = compute_baseline(results_map)
+  baseline = compute_baseline(args, results_map)
   for timestamp in results_map:
     acc_map = results_map[timestamp]
 
@@ -239,7 +256,7 @@ def pr_latest(results_map: Dict[str, Any], args, timestamps: List[str]):
 
   if args.format == 'csv':
     print(','.join(['# WorkloadNumber'] + [
-        f'Speedup({title}/Oldest Inductor),StdDev,ModelName({title})'
+        f'Speedup({title}/{args.baseline.capitalize()} Inductor),StdDev,ModelName({title})'
         for title in titles
     ]))
     # Note: the latest timestamp might not have results for all benchmarks.
@@ -289,7 +306,10 @@ def pad_array(arr, desired_len, val):
         # Make overlapping text more legible by making it transparent.
         annotation.set_alpha(0.5)
     plt.legend()
-    plt.title(maketitle(args, f'Speedup over Oldest Benchmarked Inductor'))
+    plt.title(
+        maketitle(
+            args,
+            f'Speedup over {args.baseline.capitalize()} Benchmarked Inductor'))
     plt.xlabel('Workload Number')
     plt.ylabel(f'Speedup')
     plt.savefig(sys.stdout.buffer, format=args.format)
@@ -334,8 +354,10 @@ def pr_histogram(results_map: Dict[str, Any], args, timestamps: List[str]):
     plt.xlabel("Date")
     plt.ylabel("Geomean Speedup")
     plt.title(
-        maketitle(args,
-                  'Histogram of Speedup over Oldest Benchmarked Inductor'))
+        maketitle(
+            args,
+            f'Histogram of Speedup over {args.baseline.capitalize()} Benchmarked Inductor'
+        ))
     plt.savefig(sys.stdout.buffer, format=args.format)
 
 
@@ -354,9 +376,10 @@ def pr_gmean(results_map: Dict[str, Any], args, timestamps: List[str]):
           pr_round(results_map[timestamp][label]) if label in
           results_map[timestamp] else Datapoint('', ''))
   if args.format == 'csv':
-    print(','.join(
-        ['# Datetime(UTC)'] +
-        [f"Speedup({title}/Oldest Inductor),StdDev" for title in titles]))
+    print(','.join(['# Datetime(UTC)'] + [
+        f"Speedup({title}/{args.baseline.capitalize()} Inductor),StdDev"
+        for title in titles
+    ]))
     for j, x in enumerate(x):
       print(','.join(
           map(str, [x] + [
@@ -377,7 +400,10 @@ def pr_gmean(results_map: Dict[str, Any], args, timestamps: List[str]):
     plt.legend()
     plt.xlabel("Date")
     plt.ylabel("Geomean Speedup")
-    plt.title(maketitle(args, 'Speedup over Oldest Benchmarked Inductor'))
+    plt.title(
+        maketitle(
+            args,
+            f'Speedup over {args.baseline.capitalize()} Benchmarked Inductor'))
     plt.savefig(sys.stdout.buffer, format=args.format)
 
 
@@ -405,6 +431,11 @@ def parse_args(args=None):
       default='v100',
       choices=['a100', 'v100', 'a6000'],
       help='Accelerator.')
+  parser.add_argument(
+      '--baseline',
+      default='oldest',
+      choices=['oldest', 'latest'],
+      help='Inductor baseline to be used for computing speedups.')
   parser.add_argument(
       "--exclude",
       "-x",
diff --git a/test/benchmarks/Makefile b/test/benchmarks/Makefile
index 75480502eb8e..ddfa83644930 100644
--- a/test/benchmarks/Makefile
+++ b/test/benchmarks/Makefile
@@ -1,19 +1,22 @@
-TEST_ARGS = $(shell echo $@ | perl -pe 's/([^.]*)\.([^.]*)\.([^.]*)(?:\.tier([0-9]+))?\.test/--accelerator=$$1 --test=$$2 --report=$$3/; if (defined($$4)) { print "--filter-by-tier=$$4 " }')
+TEST_ARGS = $(shell echo $@ | perl -pe 's/([^.]*)\.([^.]*)\.([^.]*).*\.test/--accelerator=$$1 --test=$$2 --report=$$3/')
+EMBEDDED_TEST_ARGS = $(shell cat $@ | grep '^# ARGS: ' | perl -pe 's/^# ARGS: (.*)/$$1/')
 
 TESTS := $(wildcard *.test)
 all: $(TESTS)
 .PHONY: $(TESTS) all
 
 ifndef V
-  QUIET_AGGREGATE    = @echo '  ' AGGREGATE $(TEST_ARGS);
+  QUIET_AGGREGATE    = @echo '  ' AGGREGATE $(TEST_ARGS) $(EMBEDDED_TEST_ARGS);
   QUIET_DIFF         = @echo '  ' DIFF $@;
   QUIET_RM           = @echo '  ' RM $@.tmp;
 endif
 
 $(TESTS):
-	$(QUIET_AGGREGATE)python3 ../../benchmarks/aggregate.py $(TEST_ARGS) \
-		--format=csv $(wildcard *.jsonl) > $@.tmp
-	$(QUIET_DIFF)git diff --no-index $@ $@.tmp
+	$(QUIET_AGGREGATE)python3 ../../benchmarks/aggregate.py \
+		--format=csv \
+		$(TEST_ARGS) $(EMBEDDED_TEST_ARGS) \
+		$(wildcard *.jsonl) > $@.tmp
+	$(QUIET_DIFF)git diff -I'^# ARGS: ' --no-index $@ $@.tmp
 	$(QUIET_RM)$(RM) $@.tmp
 
 clean:
diff --git a/test/benchmarks/v100.inference.latest.tier1.test b/test/benchmarks/v100.inference.latest.tier1.test
index 902b31b8bf7c..d688ae2396be 100644
--- a/test/benchmarks/v100.inference.latest.tier1.test
+++ b/test/benchmarks/v100.inference.latest.tier1.test
@@ -1,2 +1,3 @@
+# ARGS: --filter-by-tier=1
 # WorkloadNumber,Speedup(Inductor/Oldest Inductor),StdDev,ModelName(Inductor),Speedup(PytorchXLA/Oldest Inductor),StdDev,ModelName(PytorchXLA),Speedup(PytorchXLA_Eval/Oldest Inductor),StdDev,ModelName(PytorchXLA_Eval)
 0,1.51952596,6.914e-05,BERT_pytorch,1.56880282,7.138e-05,BERT_pytorch,1.36859903,6.227e-05,BERT_pytorch
diff --git a/test/benchmarks/v100.inference.speedup.baseline_latest.test b/test/benchmarks/v100.inference.speedup.baseline_latest.test
new file mode 100644
index 000000000000..ebca413ed541
--- /dev/null
+++ b/test/benchmarks/v100.inference.speedup.baseline_latest.test
@@ -0,0 +1,4 @@
+# ARGS: --baseline=latest
+# Datetime(UTC),Speedup(Inductor/Latest Inductor),StdDev,Speedup(PytorchXLA/Latest Inductor),StdDev,Speedup(PytorchXLA_Eval/Latest Inductor),StdDev
+2023-11-11 05:32:18.723407,0.71267792,1.621e-05,0.60245072,0.0,0.55375084,0.0
+2023-11-12 05:32:18,1.0,0.0,0.78480315,0.0,0.71435904,0.0