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ESX offers 3 different methods for load balancing. However, not all methods are created equal, and only one method offers true load distribution. The 3 load-balancing methods include:
Route based on the originating port ID (this is the default if not defined otherwise) - Also know as vSwitch port-based load-balancing, this method chooses an uplink based on the virtual port where the traffic entered the virtual switch.
Route based on source MAC hash - This method chooses an uplink based on a hash of the source Ethernet address.
Route based on IP hash - This method chooses an uplink based on a hash of the source and destination IP address of each packet.
So which one of these actually performs true load distribution? You guessed it, Route based on IP hashes. This is the only method for a single-vNIC virtual machine that looks at each packet exiting the vSwitch, thus utilizing the bandwidth of multiple physical network adapters.
The other two methods will not evenly distribute traffic and could suffer from network congestion if the NIC chosen for communication is already at or near max capacity due to other traffic entering/exiting the ESX host.