I rather like Tegmark's delineation of the types of multiverses (which I'll modify with my own wording, hopefully keeping the essence):
Level 1: Far away. Different regions of the universe separated by a cosmological event horizon. That is, parts of the universe that are far enough away that we can never interact.
Level 2: Different laws. If you go far enough away, different regions are likely to have undergone different spontaneous symmetry breaking events, and thus experience different low-energy physical laws (e.g. different force strengths, different masses). This type of multiverse is what is normally talked about in the string theory/M-theory context.
Level 3: Many worlds. From the many worlds interpretation of quantum mechanics, the full wavefunction of the universe includes many approximately-classical, approximately-noninteracting worlds. What we observe comprises one of these worlds. This is the multiverse that Hawking was talking about.
Level 4: Different math. This is Tegmark's mathiverse, the idea that different universes can stem from entirely different mathematical structures, and that every mathematical structure may well exist as a universe in and of itself.
These four different multiverse levels are basically independent of one another, though there is some overlap between the Level 1 and Level 2 multiverses. I don't really see how there is any significant overlap between the Level 2 and Level 3 multiverses, however.