Which feature in Cloud Volumes supports automated backups to separate storage locations?

The Snapshot Policy is the correct choice because it specifically enables the creation of point-in-time copies of data, which can then be automated to occur at regular intervals. This feature allows users to capture the current state of their volumes without impacting performance significantly.

Automated backups to separate storage locations are facilitated by the snapshots, which not only serve as a crucial part of the data protection strategy but can also be used for recovery purposes. When configured with Cloud Volumes, the Snapshot Policy allows for additional flexibility, such as the possibility of managing retention of older snapshots and setting specific schedules for when backups should occur.

The other options, while related to data management in various ways, do not directly address automated backups to separate storage locations. For instance, the Replication Policy focuses on data redundancy and geographic distribution rather than point-in-time backup creation. Retention Policy pertains to how long snapshots are kept but does not manage their creation or separate storage. Performance Policy deals with how resources are allocated to optimize the performance of workloads, which is not directly connected to backup functionalities.