diff --git a/internal/peermanager/peerwantmanager.go b/internal/peermanager/peerwantmanager.go
index ee81649a..46a3ac34 100644
--- a/internal/peermanager/peerwantmanager.go
+++ b/internal/peermanager/peerwantmanager.go
@@ -84,25 +84,28 @@ func (pwm *peerWantManager) removePeer(p peer.ID) {
 	// Clean up want-blocks
 	_ = pws.wantBlocks.ForEach(func(c cid.Cid) error {
 		// Clean up want-blocks from the reverse index
-		removedLastPeer := pwm.reverseIndexRemove(c, p)
+		pwm.reverseIndexRemove(c, p)
 
 		// Decrement the gauges by the number of pending want-blocks to the peer
-		if removedLastPeer {
+		peerCounts := pwm.wantPeerCounts(c)
+		if peerCounts.wantBlock == 0 {
 			pwm.wantBlockGauge.Dec()
-			if !pwm.broadcastWants.Has(c) {
-				pwm.wantGauge.Dec()
-			}
 		}
+		if !peerCounts.wanted() {
+			pwm.wantGauge.Dec()
+		}
+
 		return nil
 	})
 
 	// Clean up want-haves
 	_ = pws.wantHaves.ForEach(func(c cid.Cid) error {
 		// Clean up want-haves from the reverse index
-		removedLastPeer := pwm.reverseIndexRemove(c, p)
+		pwm.reverseIndexRemove(c, p)
 
 		// Decrement the gauge by the number of pending want-haves to the peer
-		if removedLastPeer && !pwm.broadcastWants.Has(c) {
+		peerCounts := pwm.wantPeerCounts(c)
+		if !peerCounts.wanted() {
 			pwm.wantGauge.Dec()
 		}
 		return nil
@@ -122,8 +125,9 @@ func (pwm *peerWantManager) broadcastWantHaves(wantHaves []cid.Cid) {
 		pwm.broadcastWants.Add(c)
 		unsent = append(unsent, c)
 
-		// Increment the total wants gauge
+		// If no peer has a pending want for the key
 		if _, ok := pwm.wantPeers[c]; !ok {
+			// Increment the total wants gauge
 			pwm.wantGauge.Inc()
 		}
 	}
@@ -168,27 +172,30 @@ func (pwm *peerWantManager) sendWants(p peer.ID, wantBlocks []cid.Cid, wantHaves
 	// Iterate over the requested want-blocks
 	for _, c := range wantBlocks {
 		// If the want-block hasn't been sent to the peer
-		if !pws.wantBlocks.Has(c) {
-			// Record that the CID was sent as a want-block
-			pws.wantBlocks.Add(c)
+		if pws.wantBlocks.Has(c) {
+			continue
+		}
 
-			// Add the CID to the results
-			fltWantBlks = append(fltWantBlks, c)
+		// Increment the want gauges
+		peerCounts := pwm.wantPeerCounts(c)
+		if peerCounts.wantBlock == 0 {
+			pwm.wantBlockGauge.Inc()
+		}
+		if !peerCounts.wanted() {
+			pwm.wantGauge.Inc()
+		}
 
-			// Make sure the CID is no longer recorded as a want-have
-			pws.wantHaves.Remove(c)
+		// Make sure the CID is no longer recorded as a want-have
+		pws.wantHaves.Remove(c)
 
-			// Update the reverse index
-			isNew := pwm.reverseIndexAdd(c, p)
-
-			// Increment the want gauges
-			if isNew {
-				pwm.wantBlockGauge.Inc()
-				if !pwm.broadcastWants.Has(c) {
-					pwm.wantGauge.Inc()
-				}
-			}
-		}
+		// Record that the CID was sent as a want-block
+		pws.wantBlocks.Add(c)
+
+		// Add the CID to the results
+		fltWantBlks = append(fltWantBlks, c)
+
+		// Update the reverse index
+		pwm.reverseIndexAdd(c, p)
 	}
 
 	// Iterate over the requested want-haves
@@ -201,6 +208,12 @@ func (pwm *peerWantManager) sendWants(p peer.ID, wantBlocks []cid.Cid, wantHaves
 
 		// If the CID has not been sent as a want-block or want-have
 		if !pws.wantBlocks.Has(c) && !pws.wantHaves.Has(c) {
+			// Increment the total wants gauge
+			peerCounts := pwm.wantPeerCounts(c)
+			if !peerCounts.wanted() {
+				pwm.wantGauge.Inc()
+			}
+
 			// Record that the CID was sent as a want-have
 			pws.wantHaves.Add(c)
 
@@ -208,12 +221,7 @@ func (pwm *peerWantManager) sendWants(p peer.ID, wantBlocks []cid.Cid, wantHaves
 			fltWantHvs = append(fltWantHvs, c)
 
 			// Update the reverse index
-			isNew := pwm.reverseIndexAdd(c, p)
-
-			// Increment the total wants gauge
-			if isNew && !pwm.broadcastWants.Has(c) {
-				pwm.wantGauge.Inc()
-			}
+			pwm.reverseIndexAdd(c, p)
 		}
 	}
 
@@ -228,6 +236,13 @@ func (pwm *peerWantManager) sendCancels(cancelKs []cid.Cid) {
 		return
 	}
 
+	// Record how many peers have a pending want-block and want-have for each
+	// key to be cancelled
+	peerCounts := make(map[cid.Cid]wantPeerCnts, len(cancelKs))
+	for _, c := range cancelKs {
+		peerCounts[c] = pwm.wantPeerCounts(c)
+	}
+
 	// Create a buffer to use for filtering cancels per peer, with the
 	// broadcast wants at the front of the buffer (broadcast wants are sent to
 	// all peers)
@@ -238,9 +253,6 @@ func (pwm *peerWantManager) sendCancels(cancelKs []cid.Cid) {
 		}
 	}
 
-	cancelledWantBlocks := cid.NewSet()
-	cancelledWantHaves := cid.NewSet()
-
 	// Send cancels to a particular peer
 	send := func(p peer.ID, pws *peerWant) {
 		// Start from the broadcast cancels
@@ -249,15 +261,7 @@ func (pwm *peerWantManager) sendCancels(cancelKs []cid.Cid) {
 		// For each key to be cancelled
 		for _, c := range cancelKs {
 			// Check if a want was sent for the key
-			wantBlock := pws.wantBlocks.Has(c)
-			wantHave := pws.wantHaves.Has(c)
-
-			// Update the want gauges
-			if wantBlock {
-				cancelledWantBlocks.Add(c)
-			} else if wantHave {
-				cancelledWantHaves.Add(c)
-			} else {
+			if !pws.wantBlocks.Has(c) && !pws.wantHaves.Has(c) {
 				continue
 			}
 
@@ -304,33 +308,70 @@ func (pwm *peerWantManager) sendCancels(cancelKs []cid.Cid) {
 		}
 	}
 
-	// Remove cancelled broadcast wants
-	for _, c := range broadcastCancels {
-		pwm.broadcastWants.Remove(c)
+	// Decrement the wants gauges
+	for _, c := range cancelKs {
+		peerCnts := peerCounts[c]
 
-		// Decrement the total wants gauge for broadcast wants
-		if !cancelledWantHaves.Has(c) && !cancelledWantBlocks.Has(c) {
+		// If there were any peers that had a pending want-block for the key
+		if peerCnts.wantBlock > 0 {
+			// Decrement the want-block gauge
+			pwm.wantBlockGauge.Dec()
+		}
+
+		// If there was a peer that had a pending want or it was a broadcast want
+		if peerCnts.wanted() {
+			// Decrement the total wants gauge
 			pwm.wantGauge.Dec()
 		}
 	}
 
-	// Decrement the total wants gauge for peer wants
-	_ = cancelledWantHaves.ForEach(func(c cid.Cid) error {
-		pwm.wantGauge.Dec()
-		return nil
-	})
-	_ = cancelledWantBlocks.ForEach(func(c cid.Cid) error {
-		pwm.wantGauge.Dec()
-		pwm.wantBlockGauge.Dec()
-		return nil
-	})
+	// Remove cancelled broadcast wants
+	for _, c := range broadcastCancels {
+		pwm.broadcastWants.Remove(c)
+	}
 
-	// Finally, batch-remove the reverse-index. There's no need to
-	// clear this index peer-by-peer.
+	// Batch-remove the reverse-index. There's no need to clear this index
+	// peer-by-peer.
 	for _, c := range cancelKs {
 		delete(pwm.wantPeers, c)
 	}
+}
+
+// wantPeerCnts stores the number of peers that have pending wants for a CID
+type wantPeerCnts struct {
+	// number of peers that have a pending want-block for the CID
+	wantBlock int
+	// number of peers that have a pending want-have for the CID
+	wantHave int
+	// whether the CID is a broadcast want
+	isBroadcast bool
+}
+
+// wanted returns true if any peer wants the CID or it's a broadcast want
+func (pwm *wantPeerCnts) wanted() bool {
+	return pwm.wantBlock > 0 || pwm.wantHave > 0 || pwm.isBroadcast
+}
+
+// wantPeerCounts counts how many peers have a pending want-block and want-have
+// for the given CID
+func (pwm *peerWantManager) wantPeerCounts(c cid.Cid) wantPeerCnts {
+	blockCount := 0
+	haveCount := 0
+	for p := range pwm.wantPeers[c] {
+		pws, ok := pwm.peerWants[p]
+		if !ok {
+			log.Errorf("reverse index has extra peer %s for key %s in peerWantManager", string(p), c)
+			continue
+		}
+
+		if pws.wantBlocks.Has(c) {
+			blockCount++
+		} else if pws.wantHaves.Has(c) {
+			haveCount++
+		}
+	}
 
+	return wantPeerCnts{blockCount, haveCount, pwm.broadcastWants.Has(c)}
 }
 
 // Add the peer to the list of peers that have sent a want with the cid
@@ -345,16 +386,13 @@ func (pwm *peerWantManager) reverseIndexAdd(c cid.Cid, p peer.ID) bool {
 }
 
 // Remove the peer from the list of peers that have sent a want with the cid
-func (pwm *peerWantManager) reverseIndexRemove(c cid.Cid, p peer.ID) bool {
+func (pwm *peerWantManager) reverseIndexRemove(c cid.Cid, p peer.ID) {
 	if peers, ok := pwm.wantPeers[c]; ok {
 		delete(peers, p)
 		if len(peers) == 0 {
 			delete(pwm.wantPeers, c)
-			return true
 		}
 	}
-
-	return false
 }
 
 // GetWantBlocks returns the set of all want-blocks sent to all peers
diff --git a/internal/peermanager/peerwantmanager_test.go b/internal/peermanager/peerwantmanager_test.go
index 60b7c8e7..5a00f27f 100644
--- a/internal/peermanager/peerwantmanager_test.go
+++ b/internal/peermanager/peerwantmanager_test.go
@@ -436,3 +436,81 @@ func TestStats(t *testing.T) {
 		t.Fatal("Expected 0 want-blocks")
 	}
 }
+
+func TestStatsOverlappingWantBlockWantHave(t *testing.T) {
+	g := &gauge{}
+	wbg := &gauge{}
+	pwm := newPeerWantManager(g, wbg)
+
+	peers := testutil.GeneratePeers(2)
+	p0 := peers[0]
+	p1 := peers[1]
+	cids := testutil.GenerateCids(2)
+	cids2 := testutil.GenerateCids(2)
+
+	pwm.addPeer(&mockPQ{}, p0)
+	pwm.addPeer(&mockPQ{}, p1)
+
+	// Send 2 want-blocks and 2 want-haves to p0
+	pwm.sendWants(p0, cids, cids2)
+
+	// Send opposite:
+	// 2 want-haves and 2 want-blocks to p1
+	pwm.sendWants(p1, cids2, cids)
+
+	if g.count != 4 {
+		t.Fatal("Expected 4 wants")
+	}
+	if wbg.count != 4 {
+		t.Fatal("Expected 4 want-blocks")
+	}
+
+	// Cancel 1 of each group of cids
+	pwm.sendCancels([]cid.Cid{cids[0], cids2[0]})
+
+	if g.count != 2 {
+		t.Fatal("Expected 2 wants")
+	}
+	if wbg.count != 2 {
+		t.Fatal("Expected 2 want-blocks")
+	}
+}
+
+func TestStatsRemovePeerOverlappingWantBlockWantHave(t *testing.T) {
+	g := &gauge{}
+	wbg := &gauge{}
+	pwm := newPeerWantManager(g, wbg)
+
+	peers := testutil.GeneratePeers(2)
+	p0 := peers[0]
+	p1 := peers[1]
+	cids := testutil.GenerateCids(2)
+	cids2 := testutil.GenerateCids(2)
+
+	pwm.addPeer(&mockPQ{}, p0)
+	pwm.addPeer(&mockPQ{}, p1)
+
+	// Send 2 want-blocks and 2 want-haves to p0
+	pwm.sendWants(p0, cids, cids2)
+
+	// Send opposite:
+	// 2 want-haves and 2 want-blocks to p1
+	pwm.sendWants(p1, cids2, cids)
+
+	if g.count != 4 {
+		t.Fatal("Expected 4 wants")
+	}
+	if wbg.count != 4 {
+		t.Fatal("Expected 4 want-blocks")
+	}
+
+	// Remove p0
+	pwm.removePeer(p0)
+
+	if g.count != 4 {
+		t.Fatal("Expected 4 wants")
+	}
+	if wbg.count != 2 {
+		t.Fatal("Expected 2 want-blocks")
+	}
+}