I've not seen one that picks the best compression algorithm, but I've seen ones that perform a test to try and determine if it is worth compressing. For example

I've not seen one that picks the best compression algorithm, but I've seen ones that perform a test to try and determine if it is worth compressing. For example borg-backup software can be configured to try a light & fast compression algorithm on each chunk of data. If the chunk is compressed, then it uses a more computationally expensive algorithm to really squash it down.