diff --git a/arch/x86/kvm/vmx/pmu_intel.c b/arch/x86/kvm/vmx/pmu_intel.c
index c399637a3a79..78dec4dc6e6f 100644
--- a/arch/x86/kvm/vmx/pmu_intel.c
+++ b/arch/x86/kvm/vmx/pmu_intel.c
@@ -776,20 +776,23 @@ static void intel_pmu_cleanup(struct kvm_vcpu *vcpu)
 void intel_pmu_cross_mapped_check(struct kvm_pmu *pmu)
 {
 	struct kvm_pmc *pmc = NULL;
-	int bit;
+	int bit, hw_idx;
 
 	for_each_set_bit(bit, (unsigned long *)&pmu->global_ctrl,
 			 X86_PMC_IDX_MAX) {
 		pmc = intel_pmc_idx_to_pmc(pmu, bit);
 
 		if (!pmc || !pmc_speculative_in_use(pmc) ||
-		    !intel_pmc_is_enabled(pmc))
+		    !intel_pmc_is_enabled(pmc) || !pmc->perf_event)
 			continue;
 
-		if (pmc->perf_event && pmc->idx != pmc->perf_event->hw.idx) {
-			pmu->host_cross_mapped_mask |=
-				BIT_ULL(pmc->perf_event->hw.idx);
-		}
+		/*
+		 * A negative index indicates the event isn't mapped to a
+		 * physical counter in the host, e.g. due to contention.
+		 */
+		hw_idx = pmc->perf_event->hw.idx;
+		if (hw_idx != pmc->idx && hw_idx > -1)
+			pmu->host_cross_mapped_mask |= BIT_ULL(hw_idx);
 	}
 }