diff --git a/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp b/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp
--- a/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp
+++ b/llvm/lib/Transforms/IPO/FunctionSpecialization.cpp
@@ -35,6 +35,7 @@
 #include "llvm/Transforms/Scalar/SCCP.h"
 #include "llvm/Transforms/Utils/Cloning.h"
 #include "llvm/Transforms/Utils/SizeOpts.h"
+#include <cmath>
 
 using namespace llvm;
 
@@ -269,8 +270,8 @@
         Cost += getUserBonus(User, TTI, LI);
 
     // Increase the cost if it is inside the loop.
-    auto LoopDepth = LI.getLoopDepth(I->getParent()) + 1;
-    Cost *= (AvgLoopIterationCount ^ LoopDepth);
+    auto LoopDepth = LI.getLoopDepth(I->getParent());
+    Cost *= std::pow((double)AvgLoopIterationCount, LoopDepth);
     return Cost;
   }
 
diff --git a/llvm/test/Transforms/FunctionSpecialization/function-specialization-loop.ll b/llvm/test/Transforms/FunctionSpecialization/function-specialization-loop.ll
new file mode 100644
--- /dev/null
+++ b/llvm/test/Transforms/FunctionSpecialization/function-specialization-loop.ll
@@ -0,0 +1,63 @@
+; RUN: opt -function-specialization -func-specialization-avg-iters-cost=3 -S < %s | FileCheck %s
+
+; Check that the loop depth results in a larger specialization bonus.
+; CHECK: @foo.1(
+; CHECK: @foo.2(
+
+target datalayout = "e-m:e-i8:8:32-i16:16:32-i64:64-i128:128-n32:64-S128"
+
+@A = external dso_local constant i32, align 4
+@B = external dso_local constant i32, align 4
+@C = external dso_local constant i32, align 4
+@D = external dso_local constant i32, align 4
+
+declare i1 @cond_begin()
+declare i1 @cond_end()
+declare i1 @getCond()
+
+define internal i32 @foo(i32 %x, i32* %b, i32* %c) {
+entry:
+  br label %loop.entry
+
+loop.entry:
+  br label %loop2.entry
+
+loop2.entry:
+  br label %loop2.body
+
+loop2.body:
+  %0 = load i32, i32* %b, align 4
+  %1 = load i32, i32* %c, align 4
+  %add.0 = add nsw i32 %0, %1
+  %add = add nsw i32 %add.0, %x
+  br label %loop2.end
+
+loop2.end:
+  %cond.end = call i1 @cond_end()
+  br i1 %cond.end, label %loop2.entry, label %loop.end
+
+loop.end:
+  %cond2.end = call i1 @getCond()
+  br i1 %cond2.end, label %loop.entry, label %return
+
+return:
+  ret i32 %add
+}
+
+define dso_local i32 @bar(i32 %x, i32 %y) {
+entry:
+  %tobool = icmp ne i32 %x, 0
+  br i1 %tobool, label %if.then, label %if.else
+
+if.then:
+  %call = call i32 @foo(i32 %x, i32* @A, i32* @C)
+  br label %return
+
+if.else:
+  %call1 = call i32 @foo(i32 %y, i32* @B, i32* @D)
+  br label %return
+
+return:
+  %retval.0 = phi i32 [ %call, %if.then ], [ %call1, %if.else ]
+  ret i32 %retval.0
+}
\ No newline at end of file
diff --git a/llvm/test/Transforms/FunctionSpecialization/function-specialization-recursive.ll b/llvm/test/Transforms/FunctionSpecialization/function-specialization-recursive.ll
--- a/llvm/test/Transforms/FunctionSpecialization/function-specialization-recursive.ll
+++ b/llvm/test/Transforms/FunctionSpecialization/function-specialization-recursive.ll
@@ -39,14 +39,7 @@
 
 define i32 @main() {
 ; CHECK-LABEL: @main(
-; CHECK-NEXT:    [[TEMP_I:%.*]] = alloca i32, align 4
-; CHECK-NEXT:    [[TMP1:%.*]] = bitcast i32* [[TEMP_I]] to i8*
-; CHECK-NEXT:    call void @llvm.lifetime.start.p0i8(i64 4, i8* nonnull [[TMP1]])
-; CHECK-NEXT:    call void @print_val(i32 1)
-; CHECK-NEXT:    store i32 2, i32* [[TEMP_I]], align 4
-; CHECK-NEXT:    call void @recursiveFunc(i32* nonnull [[TEMP_I]])
-; CHECK-NEXT:    [[TMP2:%.*]] = bitcast i32* [[TEMP_I]] to i8*
-; CHECK-NEXT:    call void @llvm.lifetime.end.p0i8(i64 4, i8* nonnull [[TMP2]])
+; CHECK-NEXT:    call void @recursiveFunc(i32* nonnull @Global)
 ; CHECK-NEXT:    ret i32 0
 ;
   call void @recursiveFunc(i32* nonnull @Global)
diff --git a/llvm/test/Transforms/FunctionSpecialization/function-specialization3.ll b/llvm/test/Transforms/FunctionSpecialization/function-specialization3.ll
--- a/llvm/test/Transforms/FunctionSpecialization/function-specialization3.ll
+++ b/llvm/test/Transforms/FunctionSpecialization/function-specialization3.ll
@@ -1,7 +1,5 @@
 ; RUN: opt -function-specialization -func-specialization-avg-iters-cost=3 -S < %s | \
 ; RUN:   FileCheck %s --check-prefixes=COMMON,DISABLED
-; RUN: opt -function-specialization -func-specialization-avg-iters-cost=4 -S < %s | \
-; RUN:   FileCheck %s --check-prefixes=COMMON,FORCE
 ; RUN: opt -function-specialization -force-function-specialization -S < %s | \
 ; RUN:   FileCheck %s --check-prefixes=COMMON,FORCE
 ; RUN: opt -function-specialization -func-specialization-avg-iters-cost=3 -force-function-specialization -S < %s | \