AbstractFull‐field optical experimental techniques such as Digital Image Correlation (DIC) enable measurement of information‐rich heterogeneous strain states. The aim of Material Testing 2.0 is to capitalise on this and design experimental setups for efficient material characterisation using inverse identification techniques such as the Virtual Fields Method (VFM). In that case, however, a priori knowledge of the constitutive model is required, which sometimes is not a trivial task. This limitation can be overcome by identifying multiple constitutive models using the same DIC strain fields and comparing their performance. In this work, we present a methodology to evaluate model performance and compare different constitutive models based on quantitative metrics. DIC experiments were performed on an S‐shaped high density polyethylene test sample under uniaxial load. The heterogeneous DIC strain fields were used in combination with the VFM to identify parameters of hyperelastic constitutive models with increasing complexity. Two deterministic metrics, the equilibrium gap indicator (EGI) and the reconstructed axial force ratio (RAFR), were defined and used to compare the performance of these constitutive models. The impact of spatial smoothing on DIC strain fields was studied by calculating the EGI and RAFR using a digital twin of the DIC experiments. EGI and RAFR metrics provide complementary information regarding the material behaviour, and both are necessary to make an informed choice. In this case study, hyperelastic constitutive models were found not to capture the material stiffness well in the small strain regime. A linear‐elastic contribution exponentially decaying with the equivalent shear stress was added to the hyperelastic models and the corresponding model parameters identified using the VFM. The elastic‐hyperelastic constitutive models were found to perform better than their purely hyperelastic counterparts.