I am not sure kernel version would affect performance unless it was a bad update for your particular machine. Also remember latest and greatest kernel is not always the Best kernel, so don't go chasing that tiger as it may bite.
I assume you have Z16 Core. Which kernel version are you running?
Did slow performance start after a kernel update?
Some things to check and tell us about:
Disks: How much free space do you have in root?
How much RAM do you have?
EDIT
You may also want to see if your log files are getting big and prune them. See this: