What's the right benchmark?

Curious how all of you think about benchmarking and performance. For example, D&C's stock fund is 31bps behind the S&P over the past 10yrs (net), but 253bps ahead of the russell value.

What do you think about this? On one hand, considering the value factor exposure the performance is really good. On the other, you're still behind the market! So how do you weight absolute vs relative performance?

FWIW this fund is 97th percentile for the category over this time period, so maybe i answered my own question

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