A method, storage system and non-transitory computer readable medium. The method may include receiving or generating, and for each storage entity out of multiple storage entities of the storage system, a storage entity distribution of cache hits over a caching period related to cached data associated with the storage entity and determining an allocation of quotas of the cache space to the multiple storage entities. The determining may include: (a) for each storage entity, determining a hit score indicative of a number of cache hits per a caching sub-period of the caching period related to the storage entity; (b) simulating, in an iterative manner, an allocation of quotas of the cache space to the storage entities that substantially maximizes the number of cache hits; and (c) allocating quotas of the cache space to the storage entities of the multiple storage entities, based on an outcome of the simulation.