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'benchmark by' is correct and usable in written English.
This phrase is typically used as a verb phrase meaning to measure or assess according to a standard; for example, "We will benchmark this project by its success rate."
Exact(59)
Benchmark, by contrast, took down its Web site.
Under Mr. Vrinat, Taillevent became a gastronomic benchmark by which other great Parisian restaurants are judged.
Test cricket is no longer the only benchmark by which a cricketer should be judged.
Firstly, it set a benchmark by investigating a complaint made by a group.
Her actual 9-point margin of victory underachieved that benchmark by 13 points.
But over a five-year period, the fund has outperformed its benchmark by 2.5 percentage points.
It has lowered its benchmark by a smidgen at a time for several days.
For more than two decades, Heitz Martha's Vineyard was the benchmark by which California cabernets were judged.
A deal with Singapore is likely next year, and will be seen as a benchmark by other interested countries.
But this may not be a fair benchmark by which to measure the state of EU-Asian relations.
That cut is expected to affect all salaried workers, because the base wage is used as a benchmark by employers.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com