diff --git a/test/Makefile b/test/Makefile
index feb424c546cefc..38c5e112fa8e2b 100644
--- a/test/Makefile
+++ b/test/Makefile
@@ -42,6 +42,7 @@ relocatedepot:
 	@cp -R $(build_datarootdir)/julia $(SRCDIR)/relocatedepot
 	@cp -R $(SRCDIR)/RelocationTestPkg1 $(SRCDIR)/relocatedepot
 	@cp -R $(SRCDIR)/RelocationTestPkg2 $(SRCDIR)/relocatedepot
+	@cp -R $(SRCDIR)/RelocationTestPkg3 $(SRCDIR)/relocatedepot
 	@cd $(SRCDIR) && \
 	$(call PRINT_JULIA, $(call spawn,RELOCATEDEPOT="" JULIA_DEPOT_PATH=$(SRCDIR)/relocatedepot/julia $(JULIA_EXECUTABLE)) --check-bounds=yes --startup-file=no --depwarn=error ./runtests.jl $@)
 
@@ -53,6 +54,7 @@ revise-relocatedepot: revise-% :
 	@cp -R $(build_datarootdir)/julia $(SRCDIR)/relocatedepot
 	@cp -R $(SRCDIR)/RelocationTestPkg1 $(SRCDIR)/relocatedepot
 	@cp -R $(SRCDIR)/RelocationTestPkg2 $(SRCDIR)/relocatedepot
+	@cp -R $(SRCDIR)/RelocationTestPkg3 $(SRCDIR)/relocatedepot
 	@cd $(SRCDIR) && \
 	$(call PRINT_JULIA, $(call spawn,RELOCATEDEPOT="" JULIA_DEPOT_PATH=$(SRCDIR)/relocatedepot/julia $(JULIA_EXECUTABLE)) --check-bounds=yes --startup-file=no --depwarn=error ./runtests.jl --revise $*)
 
diff --git a/test/RelocationTestPkg3/Project.toml b/test/RelocationTestPkg3/Project.toml
new file mode 100644
index 00000000000000..61882cb5cda656
--- /dev/null
+++ b/test/RelocationTestPkg3/Project.toml
@@ -0,0 +1,3 @@
+name = "RelocationTestPkg3"
+uuid = "1ba4f954-9da9-4cd2-9ca7-6250235df52c"
+version = "0.1.0"
diff --git a/test/RelocationTestPkg3/src/RelocationTestPkg3.jl b/test/RelocationTestPkg3/src/RelocationTestPkg3.jl
new file mode 100644
index 00000000000000..6ed8e1e560a997
--- /dev/null
+++ b/test/RelocationTestPkg3/src/RelocationTestPkg3.jl
@@ -0,0 +1,7 @@
+module RelocationTestPkg3
+
+include_dependency("bar.txt", track_content=true)
+include_dependency("bardir", track_content=true)
+greet() = print("Hello World!")
+
+end # module RelocationTestPkg3
diff --git a/test/RelocationTestPkg3/src/bar.txt b/test/RelocationTestPkg3/src/bar.txt
new file mode 100644
index 00000000000000..e69de29bb2d1d6
diff --git a/test/relocatedepot.jl b/test/relocatedepot.jl
index f03f76f62ec002..0c6068dc782d7c 100644
--- a/test/relocatedepot.jl
+++ b/test/relocatedepot.jl
@@ -16,6 +16,10 @@ function test_harness(@nospecialize(fn))
     end
 end
 
+# We test relocation with three dummy pkgs:
+# - RelocationTestPkg1 - no include_dependency
+# - RelocationTestPkg2 - with include_dependency tracked by `mtime`
+# - RelocationTestPkg3 - with include_dependency tracked by content
 
 if !test_relocated_depot
 
@@ -28,12 +32,12 @@ if !test_relocated_depot
             cachefiles = Base.find_all_in_cache_path(pkg)
             rm.(cachefiles, force=true)
             @test Base.isprecompiled(pkg) == false
-            Base.require(pkg) # precompile
+            Base.require(pkg)
             @test Base.isprecompiled(pkg, ignore_loaded=true) == true
         end
     end
 
-    @testset "precompile RelocationTestPkg2 (contains include_dependency)" begin
+    @testset "precompile RelocationTestPkg2" begin
         pkgname = "RelocationTestPkg2"
         test_harness() do
             push!(LOAD_PATH, @__DIR__)
@@ -41,11 +45,28 @@ if !test_relocated_depot
             pkg = Base.identify_package(pkgname)
             cachefiles = Base.find_all_in_cache_path(pkg)
             rm.(cachefiles, force=true)
-            rm(joinpath(@__DIR__, pkgname, "src", "foodir"))
+            rm(joinpath(@__DIR__, pkgname, "src", "foodir"), force=true, recursive=true)
             @test Base.isprecompiled(pkg) == false
             touch(joinpath(@__DIR__, pkgname, "src", "foo.txt"))
             mkdir(joinpath(@__DIR__, pkgname, "src", "foodir"))
-            Base.require(pkg) # precompile
+            Base.require(pkg)
+            @test Base.isprecompiled(pkg, ignore_loaded=true) == true
+        end
+    end
+
+    @testset "precompile RelocationTestPkg3" begin
+        pkgname = "RelocationTestPkg3"
+        test_harness() do
+            push!(LOAD_PATH, @__DIR__)
+            push!(DEPOT_PATH, @__DIR__)
+            pkg = Base.identify_package(pkgname)
+            cachefiles = Base.find_all_in_cache_path(pkg)
+            rm.(cachefiles, force=true)
+            rm(joinpath(@__DIR__, pkgname, "src", "bardir"), force=true, recursive=true)
+            @test Base.isprecompiled(pkg) == false
+            touch(joinpath(@__DIR__, pkgname, "src", "bar.txt"))
+            mkdir(joinpath(@__DIR__, pkgname, "src", "bardir"))
+            Base.require(pkg)
             @test Base.isprecompiled(pkg, ignore_loaded=true) == true
         end
     end
@@ -53,14 +74,13 @@ if !test_relocated_depot
 else
 
     # must come before any of the load tests, because the will recompile and generate new cache files
-    @testset "attempt loading precompiled pkgs when depot is missing" begin
+    @testset "attempt loading when depot is missing" begin
         test_harness() do
             empty!(LOAD_PATH)
             push!(LOAD_PATH, joinpath(@__DIR__, "relocatedepot"))
-            for pkgname in ("RelocationTestPkg1", "RelocationTestPkg2")
+            for pkgname in ("RelocationTestPkg1", "RelocationTestPkg2", "RelocationTestPkg3")
                 pkg = Base.identify_package(pkgname)
                 cachefile = only(Base.find_all_in_cache_path(pkg))
-                @info cachefile
                 @test_throws ArgumentError("""
                   Failed to determine depot from srctext files in cache file $cachefile.
                   - Make sure you have adjusted DEPOT_PATH in case you relocated depots.""") Base.isprecompiled(pkg)
@@ -85,23 +105,33 @@ else
             push!(DEPOT_PATH, joinpath(@__DIR__, "relocatedepot"))
             pkg = Base.identify_package(pkgname)
             @test Base.isprecompiled(pkg) == true
-            Base.require(pkg) # re-precompile
-            @test Base.isprecompiled(pkg) == true
         end
     end
 
-    @testset "load RelocationTestPkg2 (contains include_dependency) from test/relocatedepot" begin
+    @testset "load RelocationTestPkg2 from test/relocatedepot" begin
         pkgname = "RelocationTestPkg2"
         test_harness() do
             push!(LOAD_PATH, joinpath(@__DIR__, "relocatedepot"))
             push!(DEPOT_PATH, joinpath(@__DIR__, "relocatedepot"))
             pkg = Base.identify_package(pkgname)
             @test Base.isprecompiled(pkg) == false # moving depot changes mtime of include_dependency
-            Base.require(pkg) # re-precompile
+            Base.require(pkg)
             @test Base.isprecompiled(pkg) == true
             touch(joinpath(@__DIR__, "relocatedepot", "RelocationTestPkg2", "src", "foodir", "foofoo"))
             @test Base.isprecompiled(pkg) == false
         end
     end
 
+    @testset "load RelocationTestPkg3 from test/relocatedepot" begin
+        pkgname = "RelocationTestPkg3"
+        test_harness() do
+            push!(LOAD_PATH, joinpath(@__DIR__, "relocatedepot"))
+            push!(DEPOT_PATH, joinpath(@__DIR__, "relocatedepot"))
+            pkg = Base.identify_package(pkgname)
+            @test Base.isprecompiled(pkg) == true
+            touch(joinpath(@__DIR__, "relocatedepot", "RelocationTestPkg3", "src", "bardir", "barbar"))
+            @test Base.isprecompiled(pkg) == false
+        end
+    end
+
 end