A method includes assigning a thread performance counter to threads being created in the computing environment, the thread performance counter measuring a number of cache misses for a corresponding thread. The method also includes calculating a self-thread value S as a change in the thread performance counter of a given thread during a predetermined period, calculating an other-thread value O as a sum of changes in all the thread performance counters during the predetermined period minus S, and calculating an estimation adjustment value associated with a first probability that a second set of cache misses for the corresponding thread replace a cache area currently occupied by the corresponding thread. The method also includes estimating a cache occupancy for the thread based on a previous occupancy for the thread, S, O, and the estimation adjustment value, and assigning computing environment resources to the thread based on the estimated cache occupancy.