1. A method for controlling a multi-tiered cache, the method comprising: receiving an indication of a change of a workload characteristic of a first workload accessing a first tier of the multi-tiered cache, wherein a second tier of the multi-tiered cache comprises a dynamically instantiated cache; determining that the first workload and a second workload overlap access to at least a portion of cached data in the multi-tiered cache, wherein the second workload accesses the portion of the cached data through the dynamically instantiated cache, and wherein the first workload does not access the portion of the cached data through the dynamically instantiated cache; and modifying at least one of a caching size and policy for the second workload in response to the change of the workload characteristic.