diff --git a/.github/workflows/bvt-appleclang.yml b/.github/workflows/bvt-appleclang.yml
index 2aebf90..d3b84b9 100644
--- a/.github/workflows/bvt-appleclang.yml
+++ b/.github/workflows/bvt-appleclang.yml
@@ -20,6 +20,10 @@ jobs:
 
     - name: build and run test with AppleClang
       run: |
-        cmake -B build
+        cmake -B build -DCMAKE_BUILD_TYPE=Release
         cmake --build build -j
         ctest --test-dir build -j
+
+    - name: run benchmarks
+      run: |
+        ./build/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
diff --git a/.github/workflows/bvt-clang.yml b/.github/workflows/bvt-clang.yml
index 7dea031..d5e17a6 100644
--- a/.github/workflows/bvt-clang.yml
+++ b/.github/workflows/bvt-clang.yml
@@ -26,24 +26,31 @@ jobs:
 
     - name: build and run test with clang 15
       run: |
-        cmake -B build-clang-15 -DCMAKE_C_COMPILER=clang-15 -DCMAKE_CXX_COMPILER=clang++-15
+        cmake -B build-clang-15 -DCMAKE_C_COMPILER=clang-15 -DCMAKE_CXX_COMPILER=clang++-15 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-clang-15 -j
         ctest --test-dir build-clang-15 -j
 
     - name: build and run test with clang 16
       run: |
-        cmake -B build-clang-16 -DCMAKE_C_COMPILER=clang-16 -DCMAKE_CXX_COMPILER=clang++-16
+        cmake -B build-clang-16 -DCMAKE_C_COMPILER=clang-16 -DCMAKE_CXX_COMPILER=clang++-16 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-clang-16 -j
         ctest --test-dir build-clang-16 -j
 
     - name: build and run test with clang 17
       run: |
-        cmake -B build-clang-17 -DCMAKE_C_COMPILER=clang-17 -DCMAKE_CXX_COMPILER=clang++-17
+        cmake -B build-clang-17 -DCMAKE_C_COMPILER=clang-17 -DCMAKE_CXX_COMPILER=clang++-17 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-clang-17 -j
         ctest --test-dir build-clang-17 -j
 
     - name: build and run test with clang 18
       run: |
-        cmake -B build-clang-18 -DCMAKE_C_COMPILER=clang-18 -DCMAKE_CXX_COMPILER=clang++-18
+        cmake -B build-clang-18 -DCMAKE_C_COMPILER=clang-18 -DCMAKE_CXX_COMPILER=clang++-18 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-clang-18 -j
         ctest --test-dir build-clang-18 -j
+
+    - name: run benchmarks
+      run: |
+        ./build-clang-15/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
+        ./build-clang-16/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
+        ./build-clang-17/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
+        ./build-clang-18/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
diff --git a/.github/workflows/bvt-gcc.yml b/.github/workflows/bvt-gcc.yml
index 142dfa6..c78d3c6 100644
--- a/.github/workflows/bvt-gcc.yml
+++ b/.github/workflows/bvt-gcc.yml
@@ -26,24 +26,31 @@ jobs:
 
     - name: build and run test with gcc 11
       run: |
-        cmake -B build-gcc-11 -DCMAKE_C_COMPILER=gcc-11 -DCMAKE_CXX_COMPILER=g++-11
+        cmake -B build-gcc-11 -DCMAKE_C_COMPILER=gcc-11 -DCMAKE_CXX_COMPILER=g++-11 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-gcc-11 -j
         ctest --test-dir build-gcc-11 -j
 
     - name: build and run test with gcc 12
       run: |
-        cmake -B build-gcc-12 -DCMAKE_C_COMPILER=gcc-12 -DCMAKE_CXX_COMPILER=g++-12
+        cmake -B build-gcc-12 -DCMAKE_C_COMPILER=gcc-12 -DCMAKE_CXX_COMPILER=g++-12 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-gcc-12 -j
         ctest --test-dir build-gcc-12 -j
 
     - name: build and run test with gcc 13
       run: |
-        cmake -B build-gcc-13 -DCMAKE_C_COMPILER=gcc-13 -DCMAKE_CXX_COMPILER=g++-13
+        cmake -B build-gcc-13 -DCMAKE_C_COMPILER=gcc-13 -DCMAKE_CXX_COMPILER=g++-13 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-gcc-13 -j
         ctest --test-dir build-gcc-13 -j
 
     - name: build and run test with gcc 14
       run: |
-        cmake -B build-gcc-14 -DCMAKE_C_COMPILER=gcc-14 -DCMAKE_CXX_COMPILER=g++-14
+        cmake -B build-gcc-14 -DCMAKE_C_COMPILER=gcc-14 -DCMAKE_CXX_COMPILER=g++-14 -DCMAKE_BUILD_TYPE=Release
         cmake --build build-gcc-14 -j
         ctest --test-dir build-gcc-14 -j
+
+    - name: run benchmarks
+      run: |
+        ./build-gcc-11/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
+        ./build-gcc-12/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
+        ./build-gcc-13/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
+        ./build-gcc-14/benchmarks/msft_proxy_benchmarks --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
diff --git a/.github/workflows/bvt-msvc.yml b/.github/workflows/bvt-msvc.yml
index 8c69492..0972dc0 100644
--- a/.github/workflows/bvt-msvc.yml
+++ b/.github/workflows/bvt-msvc.yml
@@ -13,11 +13,12 @@ jobs:
       with:
         ref: ${{ inputs.branch }}
 
-    - name: build with cmake
+    - name: build and run test with MSVC
       run: |
         cmake -B build
-        cmake --build build -j
+        cmake --build build --config Release -j
+        ctest --test-dir build -j
 
-    - name: run tests
+    - name: run benchmarks
       run: |
-        ctest --test-dir build -j
+        .\build\benchmarks\Release\msft_proxy_benchmarks.exe --benchmark_repetitions=10 --benchmark_report_aggregates_only=true
diff --git a/CMakeLists.txt b/CMakeLists.txt
index 89e3b4b..51ced73 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -26,21 +26,7 @@ install(FILES ${CMAKE_CURRENT_BINARY_DIR}/proxyConfigVersion.cmake
 # build tests if BUILD_TESTING is ON
 include(CTest)
 if (BUILD_TESTING)
-  include(FetchContent)
-  # The policy uses the download time for timestamp, instead of the timestamp in the archive. This
-  # allows for proper rebuilds when a projects URL changes.
-  if(POLICY CMP0135)
-    cmake_policy(SET CMP0135 NEW)
-  endif()
-  FetchContent_Declare(
-    googletest
-    URL https://github.com/google/googletest/releases/download/v1.15.2/googletest-1.15.2.tar.gz
-  )
-
-  set(gtest_force_shared_crt ON CACHE BOOL "" FORCE) # For Windows: Prevent overriding the parent project's compiler/linker settings
-  set(BUILD_GMOCK OFF CACHE BOOL "" FORCE) # Disable GMock
-  FetchContent_MakeAvailable(googletest)
-
   add_subdirectory(tests)
+  add_subdirectory(benchmarks)
   add_subdirectory(samples)
 endif()
diff --git a/benchmarks/CMakeLists.txt b/benchmarks/CMakeLists.txt
new file mode 100644
index 0000000..3b500d1
--- /dev/null
+++ b/benchmarks/CMakeLists.txt
@@ -0,0 +1,31 @@
+project(msft_proxy_benchmarks)
+
+include(FetchContent)
+# The policy uses the download time for timestamp, instead of the timestamp in the archive. This
+# allows for proper rebuilds when a projects URL changes.
+if(POLICY CMP0135)
+  cmake_policy(SET CMP0135 NEW)
+endif()
+
+FetchContent_Declare(
+  benchmark
+  URL https://github.com/google/benchmark/archive/refs/tags/v1.9.0.tar.gz
+  URL_HASH SHA256=35a77f46cc782b16fac8d3b107fbfbb37dcd645f7c28eee19f3b8e0758b48994
+)
+set(BENCHMARK_ENABLE_TESTING OFF CACHE BOOL "Disable tests for google benchmark")
+set(BENCHMARK_ENABLE_GTEST_TESTS OFF CACHE BOOL "Disable google benchmark unit tests")
+FetchContent_MakeAvailable(benchmark)
+
+add_executable(msft_proxy_benchmarks
+  proxy_invocation_benchmark_context.cpp
+  proxy_invocation_benchmark.cpp
+  proxy_management_benchmark.cpp
+)
+target_include_directories(msft_proxy_benchmarks PRIVATE .)
+target_link_libraries(msft_proxy_benchmarks PRIVATE msft_proxy benchmark::benchmark benchmark::benchmark_main)
+
+if (MSVC)
+  target_compile_options(msft_proxy_benchmarks PRIVATE /W4)
+else()
+  target_compile_options(msft_proxy_benchmarks PRIVATE -Wall -Wextra -Wpedantic)
+endif()
diff --git a/benchmarks/proxy_invocation_benchmark.cpp b/benchmarks/proxy_invocation_benchmark.cpp
new file mode 100644
index 0000000..29f85a3
--- /dev/null
+++ b/benchmarks/proxy_invocation_benchmark.cpp
@@ -0,0 +1,47 @@
+// Copyright (c) Microsoft Corporation.
+// Licensed under the MIT License.
+
+#include <benchmark/benchmark.h>
+
+#include "proxy_invocation_benchmark_context.h"
+
+void BM_SmallObjectInvocationViaProxy(benchmark::State& state) {
+  for (auto _ : state) {
+    for (auto& p : SmallObjectInvocationProxyTestData) {
+      int result = p->Fun();
+      benchmark::DoNotOptimize(result);
+    }
+  }
+}
+
+void BM_SmallObjectInvocationViaVirtualFunction(benchmark::State& state) {
+  for (auto _ : state) {
+    for (auto& p : SmallObjectInvocationVirtualFunctionTestData) {
+      int result = p->Fun();
+      benchmark::DoNotOptimize(result);
+    }
+  }
+}
+
+void BM_LargeObjectInvocationViaProxy(benchmark::State& state) {
+  for (auto _ : state) {
+    for (auto& p : LargeObjectInvocationProxyTestData) {
+      int result = p->Fun();
+      benchmark::DoNotOptimize(result);
+    }
+  }
+}
+
+void BM_LargeObjectInvocationViaVirtualFunction(benchmark::State& state) {
+  for (auto _ : state) {
+    for (auto& p : LargeObjectInvocationVirtualFunctionTestData) {
+      int result = p->Fun();
+      benchmark::DoNotOptimize(result);
+    }
+  }
+}
+
+BENCHMARK(BM_SmallObjectInvocationViaProxy);
+BENCHMARK(BM_SmallObjectInvocationViaVirtualFunction);
+BENCHMARK(BM_LargeObjectInvocationViaProxy);
+BENCHMARK(BM_LargeObjectInvocationViaVirtualFunction);
diff --git a/benchmarks/proxy_invocation_benchmark_context.cpp b/benchmarks/proxy_invocation_benchmark_context.cpp
new file mode 100644
index 0000000..00cdcac
--- /dev/null
+++ b/benchmarks/proxy_invocation_benchmark_context.cpp
@@ -0,0 +1,96 @@
+// Copyright (c) Microsoft Corporation.
+// Licensed under the MIT License.
+
+#include "proxy_invocation_benchmark_context.h"
+
+namespace {
+
+constexpr int TestDataSize = 1000000;
+constexpr int TypeSeriesCount = 100;
+
+template <int TypeSeries>
+class NonIntrusiveSmallImpl {
+ public:
+  explicit NonIntrusiveSmallImpl(int seed) noexcept : seed_(seed) {}
+  NonIntrusiveSmallImpl(const NonIntrusiveSmallImpl&) noexcept = default;
+  int Fun() const noexcept { return seed_ ^ (TypeSeries + 1); }
+
+ private:
+  int seed_;
+};
+
+template <int TypeSeries>
+class NonIntrusiveLargeImpl {
+ public:
+  explicit NonIntrusiveLargeImpl(int seed) noexcept : seed_(seed) {}
+  NonIntrusiveLargeImpl(const NonIntrusiveLargeImpl&) noexcept = default;
+  int Fun() const noexcept { return seed_ ^ (TypeSeries + 1); }
+
+ private:
+  void* padding_[16]{};
+  int seed_;
+};
+
+template <int TypeSeries>
+class IntrusiveSmallImpl : public InvocationTestBase {
+ public:
+  explicit IntrusiveSmallImpl(int seed) noexcept : seed_(seed) {}
+  IntrusiveSmallImpl(const IntrusiveSmallImpl&) noexcept = default;
+  int Fun() const noexcept override { return seed_ ^ (TypeSeries + 1); }
+
+ private:
+  int seed_;
+};
+
+template <int TypeSeries>
+class IntrusiveLargeImpl : public InvocationTestBase {
+ public:
+  explicit IntrusiveLargeImpl(int seed) noexcept : seed_(seed) {}
+  IntrusiveLargeImpl(const IntrusiveLargeImpl&) noexcept = default;
+  int Fun() const noexcept override { return seed_ ^ (TypeSeries + 1); }
+
+ private:
+  void* padding_[16]{};
+  int seed_;
+};
+
+template <template <int> class T, int FromTypeSeries>
+void FillProxyTestData(std::vector<pro::proxy<InvocationTestFacade>>& data) {
+  if constexpr (FromTypeSeries < TypeSeriesCount) {
+    for (int i = FromTypeSeries; i < TestDataSize; i += TypeSeriesCount) {
+      data[i] = pro::make_proxy<InvocationTestFacade, T<FromTypeSeries>>(static_cast<int>(i));
+    }
+    FillProxyTestData<T, FromTypeSeries + 1>(data);
+  }
+}
+
+template <template <int> class T>
+std::vector<pro::proxy<InvocationTestFacade>> GenerateProxyTestData() {
+  std::vector<pro::proxy<InvocationTestFacade>> result(TestDataSize);
+  FillProxyTestData<T, 0>(result);
+  return result;
+}
+
+template <template <int> class T, int FromTypeSeries>
+void FillVirtualFunctionTestData(std::vector<std::unique_ptr<InvocationTestBase>>& data) {
+  if constexpr (FromTypeSeries < TypeSeriesCount) {
+    for (int i = FromTypeSeries; i < TestDataSize; i += TypeSeriesCount) {
+      data[i].reset(new T<FromTypeSeries>(static_cast<int>(i)));
+    }
+    FillVirtualFunctionTestData<T, FromTypeSeries + 1>(data);
+  }
+}
+
+template <template <int> class T>
+std::vector<std::unique_ptr<InvocationTestBase>> GenerateVirtualFunctionTestData() {
+  std::vector<std::unique_ptr<InvocationTestBase>> result(TestDataSize);
+  FillVirtualFunctionTestData<T, 0>(result);
+  return result;
+}
+
+}  // namespace
+
+const std::vector<pro::proxy<InvocationTestFacade>> SmallObjectInvocationProxyTestData = GenerateProxyTestData<NonIntrusiveSmallImpl>();
+const std::vector<std::unique_ptr<InvocationTestBase>> SmallObjectInvocationVirtualFunctionTestData = GenerateVirtualFunctionTestData<IntrusiveSmallImpl>();
+const std::vector<pro::proxy<InvocationTestFacade>> LargeObjectInvocationProxyTestData = GenerateProxyTestData<NonIntrusiveLargeImpl>();
+const std::vector<std::unique_ptr<InvocationTestBase>> LargeObjectInvocationVirtualFunctionTestData = GenerateVirtualFunctionTestData<IntrusiveLargeImpl>();
diff --git a/benchmarks/proxy_invocation_benchmark_context.h b/benchmarks/proxy_invocation_benchmark_context.h
new file mode 100644
index 0000000..2f4bdd5
--- /dev/null
+++ b/benchmarks/proxy_invocation_benchmark_context.h
@@ -0,0 +1,23 @@
+// Copyright (c) Microsoft Corporation.
+// Licensed under the MIT License.
+
+#include <memory>
+#include <vector>
+
+#include "proxy.h"
+
+PRO_DEF_MEM_DISPATCH(MemFun, Fun);
+
+struct InvocationTestFacade : pro::facade_builder
+    ::add_convention<MemFun, int() const>
+    ::build{};
+
+struct InvocationTestBase {
+  virtual int Fun() const = 0;
+  virtual ~InvocationTestBase() = default;
+};
+
+extern const std::vector<pro::proxy<InvocationTestFacade>> SmallObjectInvocationProxyTestData;
+extern const std::vector<std::unique_ptr<InvocationTestBase>> SmallObjectInvocationVirtualFunctionTestData;
+extern const std::vector<pro::proxy<InvocationTestFacade>> LargeObjectInvocationProxyTestData;
+extern const std::vector<std::unique_ptr<InvocationTestBase>> LargeObjectInvocationVirtualFunctionTestData;
diff --git a/benchmarks/proxy_management_benchmark.cpp b/benchmarks/proxy_management_benchmark.cpp
new file mode 100644
index 0000000..3c3749d
--- /dev/null
+++ b/benchmarks/proxy_management_benchmark.cpp
@@ -0,0 +1,90 @@
+// Copyright (c) Microsoft Corporation.
+// Licensed under the MIT License.
+
+#include <any>
+#include <array>
+#include <forward_list>
+#include <string>
+
+#include <benchmark/benchmark.h>
+
+#include "proxy.h"
+
+namespace {
+
+constexpr int TestManagedObjectCount = 12000;
+
+}  // namespace
+
+struct DefaultFacade : pro::facade_builder
+    ::support_copy<pro::constraint_level::nontrivial>
+    ::build {};
+
+void BM_SmallObjectManagementWithProxy(benchmark::State& state) {
+  for (auto _ : state) {
+    std::vector<pro::proxy<DefaultFacade>> data;
+    data.reserve(TestManagedObjectCount);
+    for (int i = 0; i < TestManagedObjectCount; i += 3) {
+      auto p0 = pro::make_proxy<DefaultFacade>(123);
+      auto p1 = pro::make_proxy<DefaultFacade, std::shared_ptr<int>>();
+      auto p2 = pro::make_proxy<DefaultFacade, std::forward_list<double>>();
+
+      benchmark::DoNotOptimize(p0);
+      benchmark::DoNotOptimize(p1);
+      benchmark::DoNotOptimize(p2);
+
+      data.push_back(std::move(p0));
+      data.push_back(std::move(p1));
+      data.push_back(std::move(p2));
+    }
+  }
+}
+
+void BM_SmallObjectManagementWithAny(benchmark::State& state) {
+  for (auto _ : state) {
+    std::vector<std::any> data;
+    data.reserve(TestManagedObjectCount);
+    for (int i = 0; i < TestManagedObjectCount; i += 3) {
+      std::any a0 = 123;
+      std::any a1 = std::shared_ptr<int>{};
+      std::any a2 = std::forward_list<double>{};
+
+      benchmark::DoNotOptimize(a0);
+      benchmark::DoNotOptimize(a1);
+      benchmark::DoNotOptimize(a2);
+
+      data.push_back(std::move(a0));
+      data.push_back(std::move(a1));
+      data.push_back(std::move(a2));
+    }
+  }
+}
+
+void BM_LargeObjectManagementWithProxy(benchmark::State& state) {
+  for (auto _ : state) {
+    std::vector<pro::proxy<DefaultFacade>> data;
+    data.reserve(TestManagedObjectCount);
+    for (int i = 0; i < TestManagedObjectCount; ++i) {
+      auto p = pro::make_proxy<DefaultFacade, std::array<std::string, 3>>();
+      benchmark::DoNotOptimize(p);
+      data.push_back(std::move(p));
+    }
+  }
+}
+
+void BM_LargeObjectManagementWithAny(benchmark::State& state) {
+  for (auto _ : state) {
+    std::vector<std::any> data;
+    data.reserve(TestManagedObjectCount);
+    for (int i = 0; i < TestManagedObjectCount; ++i) {
+      std::any a = std::array<std::string, 3>{};
+      benchmark::DoNotOptimize(a);
+      data.push_back(std::move(a));
+    }
+  }
+}
+
+BENCHMARK(BM_SmallObjectManagementWithProxy);
+BENCHMARK(BM_SmallObjectManagementWithAny);
+BENCHMARK(BM_LargeObjectManagementWithProxy);
+BENCHMARK(BM_LargeObjectManagementWithAny);
diff --git a/tests/CMakeLists.txt b/tests/CMakeLists.txt
index 49fa868..8d91ed1 100644
--- a/tests/CMakeLists.txt
+++ b/tests/CMakeLists.txt
@@ -1,4 +1,21 @@
 project(msft_proxy_tests)
+
+include(FetchContent)
+# The policy uses the download time for timestamp, instead of the timestamp in the archive. This
+# allows for proper rebuilds when a projects URL changes.
+if(POLICY CMP0135)
+  cmake_policy(SET CMP0135 NEW)
+endif()
+
+FetchContent_Declare(
+  googletest
+  URL https://github.com/google/googletest/releases/download/v1.15.2/googletest-1.15.2.tar.gz
+  URL_HASH SHA256=7b42b4d6ed48810c5362c265a17faebe90dc2373c885e5216439d37927f02926
+)
+set(gtest_force_shared_crt ON CACHE BOOL "" FORCE) # For Windows: Prevent overriding the parent project's compiler/linker settings
+set(BUILD_GMOCK OFF CACHE BOOL "" FORCE) # Disable GMock
+FetchContent_MakeAvailable(googletest)
+
 add_executable(msft_proxy_tests
   proxy_creation_tests.cpp
   proxy_dispatch_tests.cpp
@@ -13,9 +30,9 @@ target_link_libraries(msft_proxy_tests PRIVATE msft_proxy)
 target_link_libraries(msft_proxy_tests PRIVATE gtest_main)
 
 if (MSVC)
-  target_compile_options(msft_proxy_tests PRIVATE /W4 /WX)
+  target_compile_options(msft_proxy_tests PRIVATE /W4)
 else()
-  target_compile_options(msft_proxy_tests PRIVATE -Wall -Wextra -Wpedantic -Werror)
+  target_compile_options(msft_proxy_tests PRIVATE -Wall -Wextra -Wpedantic)
 endif()
 
 include(GoogleTest)