[Qtx]

VM would be the ones doing the compression of traffic, which would would give a similar false reading as a speedtest on a VPN. Even with a file download, if they are compressing it, you could get a faster speed than what your modem is getting if you can uncompress it quick enough. I gave HTTP as an example as browsers do thing like gzip part of a page and google has its own new compression for browsers.

As for the tracert, just see if there is an unusual route or extra hop, although the absence of anything doesn't mean something isn't being done with the traffic either :P