Fundamental bounds on the performance of monochromatic scattering-cancellation and field-zeroing cloaks made of prescribed linear passive materials occupying a predefined design region are formulated by projecting field quantities onto a sub-sectional basis and applying quadratically constrained quadratic programming. Formulations are numerically tested revealing key physical trends as well as advantages and disadvantages between the two classes of cloaks. Results show that the use of low-loss materials with high dielectric contrast affords the highest potential for effective cloaking.