diff --git a/src/ape/exceptions.py b/src/ape/exceptions.py
index 0a1530592c..6ff5bcdefa 100644
--- a/src/ape/exceptions.py
+++ b/src/ape/exceptions.py
@@ -186,7 +186,7 @@ def __init__(
         contract_address: Optional["AddressType"] = None,
         source_traceback: _SOURCE_TRACEBACK_ARG = None,
         project: Optional["ProjectManager"] = None,
-        set_ape_traceback: bool = False,  # Overriden in ContractLogicError
+        set_ape_traceback: bool = False,  # Overridden in ContractLogicError
     ):
         message = message or (str(base_err) if base_err else self.DEFAULT_MESSAGE)
         self.message = message
diff --git a/src/ape_ethereum/ecosystem.py b/src/ape_ethereum/ecosystem.py
index 62f6836b93..738d0fc942 100644
--- a/src/ape_ethereum/ecosystem.py
+++ b/src/ape_ethereum/ecosystem.py
@@ -1254,7 +1254,6 @@ def _enrich_returndata(self, call: dict, method_abi: MethodABI, **kwargs) -> dic
         default_return_value = "<?>"
         returndata = call.get("returndata", "")
         is_hexstr = isinstance(returndata, str) and is_0x_prefixed(returndata)
-        return_value_bytes = None
 
         # Check if return is only a revert string.
         call = self._enrich_revert_message(call)
diff --git a/src/ape_ethereum/trace.py b/src/ape_ethereum/trace.py
index 7b251601bd..501ef2ec98 100644
--- a/src/ape_ethereum/trace.py
+++ b/src/ape_ethereum/trace.py
@@ -226,13 +226,21 @@ def return_value(self) -> Any:
             return self._return_value_from_enriched_calltree
 
         elif abi := self.root_method_abi:
-            return_data = self._return_data_from_trace_frames
-            if return_data is not None:
-                try:
-                    return self._ecosystem.decode_returndata(abi, return_data)
-                except Exception as err:
-                    logger.debug(f"Failed decoding return data from trace frames. Error: {err}")
-                    # Use enrichment method. It is slow but it'll at least work.
+            if self.call_trace_approach is TraceApproach.GETH_STRUCT_LOG_PARSE:
+                return_data = self._return_data_from_trace_frames
+                if return_data is not None:
+                    try:
+                        return self._ecosystem.decode_returndata(abi, return_data)
+                    except Exception as err:
+                        logger.debug(f"Failed decoding return data from trace frames. Error: {err}")
+                        # Use enrichment method. It is slow but it'll at least work.
+
+            else:
+                # Barely enrich a calltree for performance reasons
+                # (likely not a need to enrich the whole thing).
+                calltree = self.get_raw_calltree()
+                enriched_calltree = self._ecosystem._enrich_returndata(calltree, abi)
+                return self._get_return_value_from_calltree(enriched_calltree)
 
         return self._return_value_from_enriched_calltree
 
@@ -244,6 +252,9 @@ def _return_value_from_enriched_calltree(self) -> Any:
         if "return_value" in self.__dict__:
             return self.__dict__["return_value"]
 
+        return self._get_return_value_from_calltree(calltree)
+
+    def _get_return_value_from_calltree(self, calltree: dict) -> Any:
         # If enriching too much, Ethereum places regular values in a key
         # named "unenriched_return_values".
         if "unenriched_return_values" in calltree:
diff --git a/tests/functional/geth/test_trace.py b/tests/functional/geth/test_trace.py
index a71a3a50bd..532e75a0e1 100644
--- a/tests/functional/geth/test_trace.py
+++ b/tests/functional/geth/test_trace.py
@@ -310,8 +310,13 @@ def test_call_trace_supports_debug_trace_call(geth_contract, geth_account):
 
 
 @geth_process_test
-def test_return_value(geth_contract, geth_account):
-    receipt = geth_contract.getFilledArray.transact(sender=geth_account)
+def test_return_value(benchmark, geth_contract, geth_account):
+    receipt = benchmark.pedantic(
+        geth_contract.getFilledArray.transact,
+        kwargs={"sender": geth_account},
+        rounds=5,
+        warmup_rounds=1,
+    )
     trace = receipt.trace
     expected = [1, 2, 3]  # Hardcoded in contract
     assert receipt.return_value == expected
@@ -324,3 +329,9 @@ def test_return_value(geth_contract, geth_account):
     # NOTE: This is very important from a performance perspective!
     # (VERY IMPORTANT). We shouldn't need to enrich anything.
     assert trace._enriched_calltree is None
+
+    # Seeing 0.14.
+    # Before https://github.com/ApeWorX/ape/pull/2225, was seeing 0.17.
+    # In CI, can see up to 0.4 though.
+    avg = benchmark.stats["mean"]
+    assert avg < 0.6