Aaron Bertrand blogs on an estimation failure with DATEADD and SYSDATETIME/SYSUTCDATETIME:

Essentially, the problem is that a poor estimate can be made not simply when SYSDATETIME() (or SYSUTCDATETIME()) appears, as Erland originally reported, but when any datetime2expression is involved in the predicate (and perhaps only when DATEADD() is also used). And it can go both ways – if we swap >= for <=, the estimate becomes the whole table, so it seems that the optimizer is looking at the SYSDATETIME() value as a constant, and completely ignoring any operations like DATEADD() that are performed against it.

Paul shared that the workaround is simply to use a datetime equivalent when calculating the date, before converting it to the proper data type. In this case, we can swap outSYSUTCDATETIME() and change it to GETUTCDATE()

I suppose switching to GETUTCDATE isn’t too much of a loss, but it looks like (according to Paul White in the second linked Connect item) this appears to have been fixed in SQL Server 2014.

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