It depends MASSIVELY on the data, whether it's compressible or not. For example, if the data is encrypted, it is very likely not compressible. If it is already compressed (often .bz2 files), it won't compress. Images (.jpg files) and movies can usually only be compressed by specialized compression methods, and even they don't get much compression out of them.
And then it depends on the access pattern. If your workload is archival (write once, read rarely, never delete or overwrite), the effort invested in compression is often worth it. If your workload is transactional (lots of little files that only live for seconds, like Hadoop processing, or even worse database updates in the middle of a file, then compression is likely performance killing. There are lots of things in between.
And then it depends on the underlying storage. You say you are running on top of VirtualBox. What do you know about the underlying storage? Is it already compressing internally? Compressing data multiple times in a row is not only pointless, it can be performance robbing if done carelessly.
There is no simple answer here.