You say the important specs include sensitivity... The sensitivity is measured in the same way the frequency graph is. In reality, the frequency chart (which does have standards, and are actually rarely different if you adhere to those standards, especially if you just compare raw measurements) is measured in the same way the sensitivity is...
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@OP, SilverEars is right about what it means... It's the range of tones (measured in Hz) that the drivers can generate to a measurable level. Keep in mind that just because it's at a measurable level doesn't mean it'll be loud (it may be +100 dB at 1 kHz and +1 dB at 25k, they can still say it has response at 25k). Human hearing is limited to hearing tones from 20 Hz to 20 kHz... Sub-bass can be felt under 20 Hz, but it's rare in an pair of IEMs or headphones.