diff --git a/dd-trace-core/src/main/java/datadog/trace/common/metrics/MetricKey.java b/dd-trace-core/src/main/java/datadog/trace/common/metrics/MetricKey.java
index e10c081035c..0f8147faefa 100644
--- a/dd-trace-core/src/main/java/datadog/trace/common/metrics/MetricKey.java
+++ b/dd-trace-core/src/main/java/datadog/trace/common/metrics/MetricKey.java
@@ -2,6 +2,8 @@
 
 import static datadog.trace.bootstrap.instrumentation.api.UTF8BytesString.EMPTY;
 
+import datadog.trace.api.cache.DDCache;
+import datadog.trace.api.cache.DDCaches;
 import datadog.trace.bootstrap.instrumentation.api.UTF8BytesString;
 import datadog.trace.util.HashingUtils;
 import java.util.Collections;
@@ -10,6 +12,17 @@
 
 /** The aggregation key for tracked metrics. */
 public final class MetricKey {
+  static final DDCache<String, UTF8BytesString> RESOURCE_CACHE = DDCaches.newFixedSizeCache(32);
+  static final DDCache<String, UTF8BytesString> SERVICE_CACHE = DDCaches.newFixedSizeCache(8);
+  static final DDCache<String, UTF8BytesString> SERVICE_SOURCE_CACHE =
+      DDCaches.newFixedSizeCache(16);
+  static final DDCache<String, UTF8BytesString> OPERATION_CACHE = DDCaches.newFixedSizeCache(64);
+  static final DDCache<String, UTF8BytesString> TYPE_CACHE = DDCaches.newFixedSizeCache(8);
+  static final DDCache<String, UTF8BytesString> KIND_CACHE = DDCaches.newFixedSizeCache(8);
+  static final DDCache<String, UTF8BytesString> HTTP_METHOD_CACHE = DDCaches.newFixedSizeCache(8);
+  static final DDCache<String, UTF8BytesString> HTTP_ENDPOINT_CACHE =
+      DDCaches.newFixedSizeCache(32);
+
   private final UTF8BytesString resource;
   private final UTF8BytesString service;
   private final UTF8BytesString serviceSource;
@@ -37,18 +50,18 @@ public MetricKey(
       List<UTF8BytesString> peerTags,
       CharSequence httpMethod,
       CharSequence httpEndpoint) {
-    this.resource = null == resource ? EMPTY : UTF8BytesString.create(resource);
-    this.service = null == service ? EMPTY : UTF8BytesString.create(service);
-    this.serviceSource = null == serviceSource ? null : UTF8BytesString.create(serviceSource);
-    this.operationName = null == operationName ? EMPTY : UTF8BytesString.create(operationName);
-    this.type = null == type ? EMPTY : UTF8BytesString.create(type);
+    this.resource = null == resource ? EMPTY : utf8(RESOURCE_CACHE, resource);
+    this.service = null == service ? EMPTY : utf8(SERVICE_CACHE, service);
+    this.serviceSource = null == serviceSource ? null : utf8(SERVICE_SOURCE_CACHE, serviceSource);
+    this.operationName = null == operationName ? EMPTY : utf8(OPERATION_CACHE, operationName);
+    this.type = null == type ? EMPTY : utf8(TYPE_CACHE, type);
     this.httpStatusCode = httpStatusCode;
     this.synthetics = synthetics;
     this.isTraceRoot = isTraceRoot;
-    this.spanKind = null == spanKind ? EMPTY : UTF8BytesString.create(spanKind);
+    this.spanKind = null == spanKind ? EMPTY : utf8(KIND_CACHE, spanKind);
     this.peerTags = peerTags == null ? Collections.emptyList() : peerTags;
-    this.httpMethod = httpMethod == null ? null : UTF8BytesString.create(httpMethod);
-    this.httpEndpoint = httpEndpoint == null ? null : UTF8BytesString.create(httpEndpoint);
+    this.httpMethod = httpMethod == null ? null : utf8(HTTP_METHOD_CACHE, httpMethod);
+    this.httpEndpoint = httpEndpoint == null ? null : utf8(HTTP_ENDPOINT_CACHE, httpEndpoint);
 
     int tmpHash = 0;
     tmpHash = HashingUtils.addToHash(tmpHash, this.isTraceRoot);
@@ -66,6 +79,14 @@ public MetricKey(
     this.hash = tmpHash;
   }
 
+  static UTF8BytesString utf8(DDCache<String, UTF8BytesString> cache, CharSequence charSeq) {
+    if (charSeq instanceof UTF8BytesString) {
+      return (UTF8BytesString) charSeq;
+    } else {
+      return cache.computeIfAbsent(charSeq.toString(), UTF8BytesString::create);
+    }
+  }
+
   public UTF8BytesString getResource() {
     return resource;
   }