Benchmarks are divided into categories based on the type, geography, size, industry, investment style, and maturity of different financial assets.

Type: Benchmarks may be categorized by type of financial asset: stocks, bonds, and other asset classes. Stock benchmarks are subdivided by market capitalization, geography, industry, and investment style. Bond benchmarks are subdivided into corporate bonds, government bonds, convertible bonds, agency bonds, municipal bonds, junk bonds, and so on. Each asset class defines its own benchmarks: for example, real estate investment trusts (REITs), currencies, commodities, derivatives, gold, and hedge funds each have their own benchmarks.

Geography: Benchmarks are also categorized by geographical area. Global benchmarks measure the performance of assets in several developed market countries, including the United States. Examples of global benchmarks include MSCI World and MSCI All Country Free. International benchmarks measure the performance of assets in developed countries outside the United States. An example of an international benchmark is the MSCI Europe, Australia, and Far East index (EAFE). Emerging markets benchmarks measure the performance of less-developed markets in Asia, Latin America, emerging Europe, and Africa. Examples of emerging markets benchmarks include the S&P/IFC Emerging Markets Free index and the MSCI Emerging Markets Free index. Regional benchmarks measure the performance of assets in a specific region of the world. Examples of regional benchmarks include MSCI Europe, MSCI Asia, Dow Jones Asia, and Dow Jones Latin America. Country benchmarks measure the performance of assets in a specific country. Examples of country benchmarks include the S&P 500, Russell 5000, Dow Jones, MSCI Argentina, S&P/IFC Chile, and Japan TOPIX.

Asset Size: Benchmarks are also categorized by asset size. Market capitalization is the most common division within this category. Market capitalization benchmarks measure the performance of assets with a specific market capitalization range. Large-capitalization (or large-cap) stocks generally have a market capitalization of greater than $10 billion. Mid-capitalization (mid-cap) stocks generally have a market capitalization of between $2 billion and $10 billion. Small-capitalization (small-cap) stocks generally have a market capitalization of less than $2 billion. Micro-cap stocks, a less common benchmark, generally have a market capitalization of less than $250 million.

Industry: Industry benchmarks (also called sector benchmarks) measure the performance of assets in a specific industry, such as telecommunications, financial services, retail, automotives, or consumer durables. Industry benchmarks may also be subcategorized by geography; for example, there are industry benchmarks specifically for the Japanese automotive industry, the European telecommunications industry, and the Asian cement industry.

Investment style: Investment style benchmarks measure the performance of stocks with different values. Value benchmarks measure the performance of stocks that are considered to be undervalued by the market; in other words, their price-earnings and price-book ratios are lower than the average price-earnings and price-book ratios for all companies. Growth benchmarks measure the performance of stocks that are expected to have accelerated growth caused by increased earnings, a dominant market position, or other factors; in other words, the price-earnings and price-book ratios for these stocks are higher than the average price-earnings and price-book ratios for all companies. Blend benchmarks measure the performance of all stocks in that asset class, both value and growth stocks.

Maturity: Benchmarks are also categorized by asset maturity. Long-term benchmarks measure the performance of bonds that will mature in more than ten years. Intermediate-term benchmarks measure the performance of bonds that will mature in two to ten years. Short-term benchmarks measure the performance of bonds that will mature in less than two years.