diff --git a/opentelemetry-sdk/src/metrics/internal/mod.rs b/opentelemetry-sdk/src/metrics/internal/mod.rs
index 8b6136d7ce..756e1093e1 100644
--- a/opentelemetry-sdk/src/metrics/internal/mod.rs
+++ b/opentelemetry-sdk/src/metrics/internal/mod.rs
@@ -6,11 +6,12 @@ mod precomputed_sum;
 mod sum;
 
 use core::fmt;
-use std::collections::{HashMap, HashSet};
-use std::mem::take;
+use std::collections::hash_map::Entry;
+use std::collections::HashMap;
+use std::mem::replace;
 use std::ops::{Add, AddAssign, DerefMut, Sub};
-use std::sync::atomic::{AtomicBool, AtomicI64, AtomicU64, AtomicUsize, Ordering};
-use std::sync::{Arc, RwLock};
+use std::sync::atomic::{AtomicBool, AtomicI64, AtomicU64, Ordering};
+use std::sync::{Arc, Mutex, RwLock};
 
 use aggregate::is_under_cardinality_limit;
 pub(crate) use aggregate::{AggregateBuilder, ComputeAggregation, Measure};
@@ -43,6 +44,11 @@ pub(crate) trait Aggregator {
     fn clone_and_reset(&self, init: &Self::InitConfig) -> Self;
 }
 
+struct NoAttribs<A> {
+    tracker: A,
+    is_set: AtomicBool,
+}
+
 /// The storage for sums.
 ///
 /// This structure is parametrized by an `Operation` that indicates how
@@ -51,14 +57,13 @@ pub(crate) struct ValueMap<A>
 where
     A: Aggregator,
 {
-    /// Trackers store the values associated with different attribute sets.
-    trackers: RwLock<HashMap<Vec<KeyValue>, Arc<A>>>,
-    /// Number of different attribute set stored in the `trackers` map.
-    count: AtomicUsize,
-    /// Indicates whether a value with no attributes has been stored.
-    has_no_attribute_value: AtomicBool,
-    /// Tracker for values with no attributes attached.
-    no_attribute_tracker: A,
+    // for performance reasons, no_attribs tracker
+    no_attribs: NoAttribs<A>,
+    // for performance reasons, to handle attributes in the provided order
+    all_attribs: RwLock<HashMap<Vec<KeyValue>, Arc<A>>>,
+    // different order of attribute keys should still map to same tracker instance
+    // this helps to achieve that and also enables implementing collection efficiently
+    sorted_attribs: Mutex<HashMap<Vec<KeyValue>, Arc<A>>>,
     /// Configuration for an Aggregator
     config: A::InitConfig,
 }
@@ -69,70 +74,68 @@ where
 {
     fn new(config: A::InitConfig) -> Self {
         ValueMap {
-            trackers: RwLock::new(HashMap::new()),
-            has_no_attribute_value: AtomicBool::new(false),
-            no_attribute_tracker: A::create(&config),
-            count: AtomicUsize::new(0),
+            no_attribs: NoAttribs {
+                tracker: A::create(&config),
+                is_set: AtomicBool::new(false),
+            },
+            all_attribs: RwLock::new(HashMap::new()),
+            sorted_attribs: Mutex::new(HashMap::new()),
             config,
         }
     }
 
     fn measure(&self, value: A::PreComputedValue, attributes: &[KeyValue]) {
         if attributes.is_empty() {
-            self.no_attribute_tracker.update(value);
-            self.has_no_attribute_value.store(true, Ordering::Release);
+            self.no_attribs.tracker.update(value);
+            self.no_attribs.is_set.store(true, Ordering::Release);
             return;
         }
 
-        let Ok(trackers) = self.trackers.read() else {
-            return;
-        };
-
         // Try to retrieve and update the tracker with the attributes in the provided order first
-        if let Some(tracker) = trackers.get(attributes) {
-            tracker.update(value);
-            return;
-        }
+        match self.all_attribs.read() {
+            Ok(trackers) => {
+                if let Some(tracker) = trackers.get(attributes) {
+                    tracker.update(value);
+                    return;
+                }
+            }
+            Err(_) => return,
+        };
 
-        // Try to retrieve and update the tracker with the attributes sorted.
+        // Get or create a tracker
         let sorted_attrs = AttributeSet::from(attributes).into_vec();
-        if let Some(tracker) = trackers.get(sorted_attrs.as_slice()) {
-            tracker.update(value);
+        let Ok(mut sorted_trackers) = self.sorted_attribs.lock() else {
             return;
-        }
+        };
+
+        let sorted_count = sorted_trackers.len();
+        let new_tracker = match sorted_trackers.entry(sorted_attrs) {
+            Entry::Occupied(occupied_entry) => occupied_entry.get().clone(),
+            Entry::Vacant(vacant_entry) => {
+                if !is_under_cardinality_limit(sorted_count) {
+                    sorted_trackers.entry(STREAM_OVERFLOW_ATTRIBUTES.clone())
+                        .or_insert_with(|| {
+                            otel_warn!( name: "ValueMap.measure",
+                                message = "Maximum data points for metric stream exceeded. Entry added to overflow. Subsequent overflows to same metric until next collect will not be logged."
+                            );
+                            Arc::new(A::create(&self.config))
+                        })
+                        .update(value);
+                    return;
+                }
+                let new_tracker = Arc::new(A::create(&self.config));
+                vacant_entry.insert(new_tracker).clone()
+            }
+        };
+        drop(sorted_trackers);
 
-        // Give up the read lock before acquiring the write lock.
-        drop(trackers);
+        new_tracker.update(value);
 
-        let Ok(mut trackers) = self.trackers.write() else {
+        // Insert new tracker, so we could find it next time
+        let Ok(mut all_trackers) = self.all_attribs.write() else {
             return;
         };
-
-        // Recheck both the provided and sorted orders after acquiring the write lock
-        // in case another thread has pushed an update in the meantime.
-        if let Some(tracker) = trackers.get(attributes) {
-            tracker.update(value);
-        } else if let Some(tracker) = trackers.get(sorted_attrs.as_slice()) {
-            tracker.update(value);
-        } else if is_under_cardinality_limit(self.count.load(Ordering::SeqCst)) {
-            let new_tracker = Arc::new(A::create(&self.config));
-            new_tracker.update(value);
-
-            // Insert tracker with the attributes in the provided and sorted orders
-            trackers.insert(attributes.to_vec(), new_tracker.clone());
-            trackers.insert(sorted_attrs, new_tracker);
-
-            self.count.fetch_add(1, Ordering::SeqCst);
-        } else if let Some(overflow_value) = trackers.get(STREAM_OVERFLOW_ATTRIBUTES.as_slice()) {
-            overflow_value.update(value);
-        } else {
-            let new_tracker = A::create(&self.config);
-            new_tracker.update(value);
-            trackers.insert(STREAM_OVERFLOW_ATTRIBUTES.clone(), Arc::new(new_tracker));
-            otel_warn!( name: "ValueMap.measure",
-                message = "Maximum data points for metric stream exceeded. Entry added to overflow. Subsequent overflows to same metric until next collect will not be logged."
-            );
-        }
+        all_trackers.insert(attributes.to_vec(), new_tracker);
     }
 
     /// Iterate through all attribute sets and populate `DataPoints` in readonly mode.
@@ -141,20 +144,23 @@ where
     where
         MapFn: FnMut(Vec<KeyValue>, &A) -> Res,
     {
-        prepare_data(dest, self.count.load(Ordering::SeqCst));
-        if self.has_no_attribute_value.load(Ordering::Acquire) {
-            dest.push(map_fn(vec![], &self.no_attribute_tracker));
-        }
-
-        let Ok(trackers) = self.trackers.read() else {
-            return;
+        let trackers = match self.sorted_attribs.lock() {
+            Ok(trackers) => {
+                // it's important to release lock as fast as possible,
+                // so we don't block insertion of new attribute sets
+                trackers.clone()
+            }
+            Err(_) => return,
         };
 
-        let mut seen = HashSet::new();
-        for (attrs, tracker) in trackers.iter() {
-            if seen.insert(Arc::as_ptr(tracker)) {
-                dest.push(map_fn(attrs.clone(), tracker));
-            }
+        prepare_data(dest, trackers.len());
+
+        if self.no_attribs.is_set.load(Ordering::Acquire) {
+            dest.push(map_fn(vec![], &self.no_attribs.tracker));
+        }
+
+        for (attrs, tracker) in trackers.into_iter() {
+            dest.push(map_fn(attrs, &tracker));
         }
     }
 
@@ -164,27 +170,32 @@ where
     where
         MapFn: FnMut(Vec<KeyValue>, A) -> Res,
     {
-        prepare_data(dest, self.count.load(Ordering::SeqCst));
-        if self.has_no_attribute_value.swap(false, Ordering::AcqRel) {
+        // reset sorted trackers so new attributes set will be written into new hashmap
+        let trackers = match self.sorted_attribs.lock() {
+            Ok(mut trackers) => {                
+                let new = HashMap::with_capacity(trackers.len());
+                replace(trackers.deref_mut(), new)
+            }
+            Err(_) => return,
+        };
+        // reset all trackers, so all attribute sets will start using new hashmap
+        match self.all_attribs.write() {
+            Ok(mut all_trackers) => all_trackers.clear(),
+            Err(_) => return,
+        };
+
+        prepare_data(dest, trackers.len());
+
+        if self.no_attribs.is_set.swap(false, Ordering::AcqRel) {
             dest.push(map_fn(
                 vec![],
-                self.no_attribute_tracker.clone_and_reset(&self.config),
+                self.no_attribs.tracker.clone_and_reset(&self.config),
             ));
         }
 
-        let trackers = match self.trackers.write() {
-            Ok(mut trackers) => {
-                self.count.store(0, Ordering::SeqCst);
-                take(trackers.deref_mut())
-            }
-            Err(_) => todo!(),
-        };
-
-        let mut seen = HashSet::new();
         for (attrs, tracker) in trackers.into_iter() {
-            if seen.insert(Arc::as_ptr(&tracker)) {
-                dest.push(map_fn(attrs, tracker.clone_and_reset(&self.config)));
-            }
+            let tracker = Arc::into_inner(tracker).expect("the only instance");
+            dest.push(map_fn(attrs, tracker));
         }
     }
 }
@@ -192,7 +203,7 @@ where
 /// Clear and allocate exactly required amount of space for all attribute-sets
 fn prepare_data<T>(data: &mut Vec<T>, list_len: usize) {
     data.clear();
-    let total_len = list_len + 2; // to account for no_attributes case + overflow state
+    let total_len = list_len + 1; // to account for no_attributes case
     if total_len > data.capacity() {
         data.reserve_exact(total_len - data.capacity());
     }