diff --git a/CHANGELOG.md b/CHANGELOG.md
index ca7fa4fa..5f321cb0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,6 +6,12 @@ section below.
 
 ## Unreleased changes
 
+## Version 3.11.2
+
+- Widen the `CompiledMetric` tag-combination cache key from 32 to 57 bits, eliminating
+  recurring hash collisions on hot metrics while keeping all intermediates within Fixnum
+  range (no new allocations on the emit path).
+
 ## Version 3.11.1
 
 - Fix `CompiledMetric::Distribution` applying `sample_rate` twice.
diff --git a/lib/statsd/instrument/compiled_metric.rb b/lib/statsd/instrument/compiled_metric.rb
index fc9e1724..93fb12c4 100644
--- a/lib/statsd/instrument/compiled_metric.rb
+++ b/lib/statsd/instrument/compiled_metric.rb
@@ -189,10 +189,13 @@ def self.#{method}(__value__#{default_val_assignment}, #{tag_names.map { |name|
 
               # Compute hash of tag values for cache lookup using rotate-left + XOR.
               # Rotation makes it order-dependent (unlike plain XOR), preventing collisions
-              # when tag values are swapped. We mask to 32 bits to avoid Bignum allocations
-              # from left shifts on 64-bit hash values.
-              __cache_key__ = #{tag_names.first}.hash & 0xFFFFFFFF
-              #{tag_names.drop(1).map { |name| "__cache_key__ = (((__cache_key__ << 5) | (__cache_key__ >> 27)) ^ #{name}.hash) & 0xFFFFFFFF" }.join("\n")}
+              # when tag values are swapped. The mask keeps 57 bits of entropy, wide enough
+              # that birthday collisions are negligible at real tag-combination volumes.
+              # 57 bits is the widest key for which the intermediate (__cache_key__ << 5)
+              # stays within Fixnum range (2**62 - 1 on 64-bit CRuby) and never allocates
+              # a Bignum.
+              __cache_key__ = #{tag_names.first}.hash & 0x01FFFFFFFFFFFFFF
+              #{tag_names.drop(1).map { |name| "__cache_key__ = (((__cache_key__ << 5) | (__cache_key__ >> 52)) ^ #{name}.hash) & 0x01FFFFFFFFFFFFFF" }.join("\n")}
 
               # Look up or create a PrecompiledDatagram
               __datagram__ =
diff --git a/lib/statsd/instrument/version.rb b/lib/statsd/instrument/version.rb
index cf3f3ed9..d74762e3 100644
--- a/lib/statsd/instrument/version.rb
+++ b/lib/statsd/instrument/version.rb
@@ -2,6 +2,6 @@
 
 module StatsD
   module Instrument
-    VERSION = "3.11.1"
+    VERSION = "3.11.2"
   end
 end
diff --git a/test/compiled_metric_test.rb b/test/compiled_metric_test.rb
index 47ee19c7..188f4724 100644
--- a/test/compiled_metric_test.rb
+++ b/test/compiled_metric_test.rb
@@ -285,10 +285,10 @@ def test_emits_metric_on_hash_collision
 
     cache = metric.instance_variable_get(:@tag_combination_cache)
 
-    # Compute cache keys using the rotate-left + XOR formula (32-bit bounded)
-    # For single tag, it's the hash value masked to 32 bits
-    cache_key_for_1 = 1.hash & 0xFFFFFFFF
-    cache_key_for_2 = 2.hash & 0xFFFFFFFF
+    # Compute cache keys using the rotate-left + XOR formula (57-bit bounded)
+    # For single tag, it's the hash value masked to 57 bits
+    cache_key_for_1 = 1.hash & 0x01FFFFFFFFFFFFFF
+    cache_key_for_2 = 2.hash & 0x01FFFFFFFFFFFFFF
 
     # Store the cached datagram under the collision key
     cached_datagram = cache[cache_key_for_1]
@@ -312,6 +312,75 @@ def test_emits_metric_on_hash_collision
     assert_includes(hash_collision_metric.tags, "metric_name:foo.bar")
   end
 
+  def test_cache_key_space_is_wider_than_32_bits
+    metric = Class.new(StatsD::Instrument::CompiledMetric::Counter) do
+      define(
+        name: "foo.bar",
+        tags: { shop_id: Integer },
+      )
+    end
+
+    # Hash seeds are process-local, so find a pair of tag values at runtime that
+    # shares its low 32 hash bits (collided under the previous 32-bit cache key)
+    # while still differing across the full 57-bit key space.
+    seen = {}
+    pair = nil
+    i = 0
+    until pair
+      key = i.hash & 0xFFFFFFFF
+      other = seen[key]
+      if other && other != i && (other.hash & 0x01FFFFFFFFFFFFFF) != (i.hash & 0x01FFFFFFFFFFFFFF)
+        pair = [other, i]
+      end
+      seen[key] ||= i
+      i += 1
+    end
+
+    metric.increment(1, shop_id: pair[0])
+    metric.increment(1, shop_id: pair[1])
+
+    cache = metric.instance_variable_get(:@tag_combination_cache)
+    assert_equal(2, cache.size)
+
+    collision_metric = @sink.datagrams.find do |datagram|
+      datagram.name == "test.statsd_instrument.compiled_metric.hash_collision_detected"
+    end
+    assert_nil(collision_metric, "Expected no hash collision metric for 57-bit-distinct keys")
+  end
+
+  def test_cache_key_computation_does_not_allocate
+    single_tag_metric = Class.new(StatsD::Instrument::CompiledMetric::Counter) do
+      define(name: "foo.single", tags: { a: String })
+    end
+    multi_tag_metric = Class.new(StatsD::Instrument::CompiledMetric::Counter) do
+      define(name: "foo.multi", tags: { a: String, b: String, c: String, d: String, e: String, f: String, g: String, h: String })
+    end
+
+    single_call = -> { single_tag_metric.increment(1, a: "a") }
+    multi_call = -> { multi_tag_metric.increment(1, a: "a", b: "b", c: "c", d: "d", e: "e", f: "f", g: "g", h: "h") }
+    measure = ->(callable) { count_allocations { 10.times { callable.call } } }
+    [single_call, multi_call].each { |c| measure.call(c) }
+
+    # With frozen string literals, the rotate-left + XOR chain is the only per-tag
+    # work on a cache hit. A cache key wide enough to escape Fixnum range would
+    # allocate one heap integer per chain step and show up as extra allocations
+    # for the multi-tag metric.
+    assert_equal(
+      measure.call(single_call),
+      measure.call(multi_call),
+      "Expected per-tag cache-key computation to allocate nothing",
+    )
+  end
+
+  private
+
+  def count_allocations
+    GC.start
+    before = GC.stat(:total_allocated_objects)
+    yield
+    GC.stat(:total_allocated_objects) - before
+  end
+
   def test_handles_default_tags_as_array
     StatsD.singleton_client = StatsD::Instrument::Client.new(
       sink: @sink,