A method for improving cache hit ratios for selected volumes within a storage system is disclosed. In one embodiment, such a method includes monitoring I/O to multiple volumes residing on a storage system. The storage system includes a cache to store data associated with the volumes. The method determines, from the I/O, which particular volumes of the multiple volumes would benefit the most if provided favored status in the cache. The favored status provides increased residency time in the cache to the particular volumes compared to volumes not having the favored status. The method generates a list of the particular volumes and transmits the list to the storage system. The storage system, in turn, provides increased residency time to the particular volumes in accordance with their favored status. A corresponding system and computer program product are also disclosed.