A method for calculating a velocity model for a subsurface of the earth. The method includes receiving (200) measured seismic data d; calculating (204) predicted seismic data p; selecting (206) a matching filter w that when applied to one of the measured seismic data d or the predicted seismic data p reproduces the other one of the measured seismic data d or the predicted seismic data p; selecting (208) a misfit function J that calculates (1) a distance between the matching filter w and a Dirac Delta function or (2) a travel time shift associated with the measured seismic data; and calculating (218) a new velocity model using the misfit function J, the measured seismic data d, and the predicted seismic data p. The measured seismic data d includes wavefields generated by a seismic source and the wavefields propagate through the subsurface where they are attenuated and reflected, and the attenuated and reflected wavefields are recorded by plural seismic receivers.