A benchmark ideally should have similar portfolio characteristics as the fund which intends to use it. (unovest.co)
Portfolio construction Successful portfolio construction is the result of properly managing and integrating the desired portfolio characteristics and the more subjective relative value judgments. (schroders.com)
Whatever happened to this whole bit about owning volatility (I often refer to it as just «vol») to improve portfolio characteristics? (mauldineconomics.com)