A simple benchmark to compare exception errors with error-indicating return values from performance points of view.

ReturnVsExceptionBenchmark.cs

public class ReturnValueVsException
{
    private readonly int _depth;
    private readonly int _result;
    public ReturnValueVsException(int depth = 1, int result = -1)
    {
        _depth = depth;
        _result = result;
    }

    [BenchmarkDotNet.Attributes.Benchmark]
    public int ReturnValue() => ErrorReturningMethod(_depth);

    public int ErrorReturningMethod(int currentDepth)
    {
        if (currentDepth == _depth)
        {
            return _result;
        }

        var callResult = ErrorReturningMethod(currentDepth + 1);
        if (callResult == -1)
        {
            return -1;
        }

        return callResult;
    }

    [BenchmarkDotNet.Attributes.Benchmark]
    public int ExceptionValue()
    {
        try
        {
            return ExceptionThrowingMethod(_depth);
        }
        catch (InvalidOperationException)
        {
            return -1;
        }
    }

    public int ExceptionThrowingMethod(int currentDepth)
    {
        if (currentDepth == _depth)
        {
            throw new InvalidOperationException();
        }

        return ErrorReturningMethod(currentDepth + 1);
    }
}