Of the two best known techniques for feature scaling in Machine Learning:
- Normalizing a feature to a $[0, 1]$ range, through $x - x_{min} \over x_{max} - x_{min}$
or
- Standardizing the feature (also referred to as z-score), through $x - μ \over σ$, where $μ$ is the mean and $σ$ is the standard deviation.
Is there any reason to prefer one over the other? Does any one outperform the other when used with certain algorithms?