diff --git a/compiler/cmm/CLabel.hs b/compiler/cmm/CLabel.hs
index 991fc57..0aad221 100644
--- a/compiler/cmm/CLabel.hs
+++ b/compiler/cmm/CLabel.hs
@@ -877,7 +877,7 @@ labelDynamic dflags this_pkg this_mod lbl =
 
    PlainModuleInitLabel m -> not (gopt Opt_Static dflags) && this_pkg /= (modulePackageId m)
 
-   HpcTicksLabel m        -> not (gopt Opt_Static dflags) && this_pkg /= (modulePackageId m)
+   HpcTicksLabel m        -> not (gopt Opt_Static dflags) && this_mod /= m
 
    -- Note that DynamicLinkerLabels do NOT require dynamic linking themselves.
    _                 -> False