diff --git a/tests/functional/test_show_objects.py b/tests/functional/test_show_objects.py
new file mode 100644
index 000000000..04cdfbc6a
--- /dev/null
+++ b/tests/functional/test_show_objects.py
@@ -0,0 +1,131 @@
+from datetime import datetime, timedelta
+import os
+from statistics import mean
+from typing import List, Tuple
+
+import pytest
+
+from dbt.adapters.factory import get_adapter_by_type
+from dbt.adapters.snowflake import SnowflakeRelation
+
+from dbt.tests.util import run_dbt, get_connection
+
+
+MY_SEED = """
+id,value
+0,red
+1,yellow
+2,blue
+""".strip()
+
+
+VIEW = """
+select * from {{ ref('my_seed') }}
+"""
+
+
+TABLE = """
+{{ config(materialized='table') }}
+select * from {{ ref('my_seed') }}
+"""
+
+
+DYNAMIC_TABLE = (
+    """
+{{ config(
+    materialized='dynamic_table',
+    target_lag='1 minute',
+    snowflake_warehouse='"""
+    + os.getenv("SNOWFLAKE_TEST_WAREHOUSE")
+    + """',
+) }}
+select * from {{ ref('my_seed') }}
+"""
+)
+
+
+SHOW_OBJECTS = """
+{% macro snowflake__get_show_objects_sql(schema, results_per_iteration) %}
+    show objects in {{ schema.database }}.{{ schema.schema }} limit {{ results_per_iteration }}
+{% endmacro %}
+"""
+
+
+SHOW_TERSE_OBJECTS = """
+{% macro snowflake__get_show_objects_sql(schema, results_per_iteration) %}
+    show terse objects in {{ schema.database }}.{{ schema.schema }} limit {{ results_per_iteration }}
+{% endmacro %}
+"""
+
+
+class ListRelations:
+    views: int = 100
+    tables: int = 100
+    dynamic_tables: int = 100
+    iterations: int = 10
+    expected_duration: float
+
+    @pytest.fixture(scope="class")
+    def seeds(self):
+        yield {"my_seed.csv": MY_SEED}
+
+    @pytest.fixture(scope="class")
+    def models(self):
+        models = {}
+        models.update({f"my_view_{i}.sql": VIEW for i in range(self.views)})
+        models.update({f"my_table_{i}.sql": TABLE for i in range(self.tables)})
+        models.update(
+            {f"my_dynamic_table_{i}.sql": DYNAMIC_TABLE for i in range(self.dynamic_tables)}
+        )
+        yield models
+
+    @pytest.fixture(scope="class", autouse=True)
+    def setup(self, project):
+        run_dbt(["seed"])
+        run_dbt(["run"])
+
+    def list_relations(self, project) -> Tuple[List[SnowflakeRelation], timedelta]:
+        my_adapter = get_adapter_by_type("snowflake")
+        schema = my_adapter.Relation.create(
+            database=project.database, schema=project.test_schema, identifier=""
+        )
+
+        start = datetime.utcnow()
+        with get_connection(my_adapter) as conn:
+            relations = my_adapter.list_relations_without_caching(schema)
+        end = datetime.utcnow()
+        duration = end - start
+        return relations, duration
+
+    def test_show_terse_objects(self, project):
+        durations = []
+        for i in range(self.iterations):
+            relations, duration = self.list_relations(project)
+            durations.append(duration.total_seconds())
+            assert len([relation for relation in relations if relation.is_view]) == self.views
+            assert (
+                len([relation for relation in relations if relation.is_table]) == self.tables + 1
+            )  # add the seed
+            assert (
+                len([relation for relation in relations if relation.is_dynamic_table])
+                == self.dynamic_tables
+            )
+        assert mean(durations) < self.expected_duration
+
+
+class TestShowObjects(ListRelations):
+    expected_duration = timedelta(
+        seconds=1, microseconds=100_000
+    ).total_seconds()  # allows 10% error
+
+    @pytest.fixture(scope="class")
+    def macros(self):
+        yield {"snowflake__get_show_objects_sql.sql": SHOW_OBJECTS}
+
+
+class TestShowTerseObjects(ListRelations):
+    expected_duration = timedelta(seconds=1, microseconds=0).total_seconds()  # allows 10% error
+
+    @pytest.fixture(scope="class")
+    def macros(self):
+        yield {"snowflake__get_show_objects_sql.sql": SHOW_TERSE_OBJECTS}