Code compression has been used to minimize the memory area requirement of embedded systems. Recently, performance improvement and energy consumption reductionare observed as a by-product of compression. In this paper we propose a novel technique for efficiently exploring the trade-offs involved in code compression. Our Multi-Profile approach to build dictionaries combines the best features of both static and dynamic program behaviors. The experiments with Mediabench and MiBench suites and the Leon (SPARCv8) processor reveals a compression ratio as low as 71% while performance speed-up reaches 1.5.