A storage device includes a non-volatile memory and storage controller. The non-volatile memory includes a plurality of physical blocks coupled to each other via a plurality of dies. Each die of the plurality of dies is coupled to a corresponding bank via a corresponding channel. The storage controller is configured to receive, from a plurality of hosts, a plurality of pieces of physical function (PF) data. The storage controller is further configured to measure metrics of the plurality of pieces of PF data and the plurality of dies. The storage controller is further configured to allocate, according to a die allocation policy and based at least on the measured metrics, the plurality of pieces of PF data to one or more dies of the plurality of dies. Each die of the plurality of dies is allocated to a corresponding host of the plurality of hosts.