Intel Turbo Boost and HyperV

Hi everyone. 

I've been scouring the web for a while and can't seem to find a clear answer on this, so figured I would post here since all my servers are Dell.

When Hyperv 2012R2 or 2016 is installed, does the Intel Xeon Turbo Boost get passed on to the guest VM or is it only for the host server?

Specifically, I have a Dell R730 with dual Intel Xeon E5-2699 v3 cpu's with a base clock of 2.3Ghz, turbo of max 3.6Ghz.  On the host OS of Windows 2016 with the HyperV role installed, configured, and running great, CPUz reports a core speed of 2.75Ghz.  BIOS is set for performance, as is the Windows power setting.  This would be the expected behavior.

On a Windows 2012R2 or Windows 2016 VM running on that server, CPUz and task manager reports a speed of 2.375Ghz, even if I run Prime95 full tilt. Below is a screenshot of CPUz running in the guest OS of Windows 2012R2, whilst Prime 95 was running:

Here is a screencap of CPUz running on the host Windows 2016 OS while the above guest was running Prime95:

Is this the intended behavior for a guest OS?  Meaning, does Intel Turbo boost not get passed on to the guest and is only available for an OS installed on bare metal?

Appreciate any info people may have,

Mark