There is a wide range of distance measures to choose from. However, one is not necessarily better than the other -- it really depends on the application.
To list a few,
Jaccard distance
L2 norm (Euclidean distance)
L1 norm (Manhattan distance)
Cosine distance
Hamming distance
Apart from the usual list dynamic time warping (DTW) has been gaining increasing attention over the last decade, especially in the field of biometrics.