diff --git a/doc/source/whatsnew/v1.1.0.rst b/doc/source/whatsnew/v1.1.0.rst
index 5b6f70be478c2..48eff0543ad4d 100644
--- a/doc/source/whatsnew/v1.1.0.rst
+++ b/doc/source/whatsnew/v1.1.0.rst
@@ -190,7 +190,7 @@ Performance improvements
 - Performance improvement in flex arithmetic ops between :class:`DataFrame` and :class:`Series` with ``axis=0`` (:issue:`31296`)
 - The internal index method :meth:`~Index._shallow_copy` now copies cached attributes over to the new index,
   avoiding creating these again on the new index. This can speed up many operations that depend on creating copies of
-  existing indexes (:issue:`28584`, :issue:`32640`)
+  existing indexes (:issue:`28584`, :issue:`32640`, :issue:`32669`)
 
 .. ---------------------------------------------------------------------------
 
diff --git a/pandas/core/indexes/multi.py b/pandas/core/indexes/multi.py
index 0bb88145646ed..122097f4478d7 100644
--- a/pandas/core/indexes/multi.py
+++ b/pandas/core/indexes/multi.py
@@ -276,6 +276,7 @@ def __new__(
             raise ValueError("Must pass non-zero number of levels/codes")
 
         result = object.__new__(MultiIndex)
+        result._cache = {}
 
         # we've already validated levels and codes, so shortcut here
         result._set_levels(levels, copy=copy, validate=False)
@@ -991,7 +992,13 @@ def _shallow_copy(self, values=None, **kwargs):
             # discards freq
             kwargs.pop("freq", None)
             return MultiIndex.from_tuples(values, names=names, **kwargs)
-        return self.copy(**kwargs)
+
+        result = self.copy(**kwargs)
+        result._cache = self._cache.copy()
+        # GH32669
+        if "levels" in result._cache:
+            del result._cache["levels"]
+        return result
 
     def _shallow_copy_with_infer(self, values, **kwargs):
         # On equal MultiIndexes the difference is empty.
diff --git a/pandas/core/indexes/period.py b/pandas/core/indexes/period.py
index 8ae792d3f63b5..f83234f1aac0b 100644
--- a/pandas/core/indexes/period.py
+++ b/pandas/core/indexes/period.py
@@ -251,11 +251,13 @@ def _has_complex_internals(self):
 
     def _shallow_copy(self, values=None, name: Label = no_default):
         name = name if name is not no_default else self.name
-
+        cache = self._cache.copy() if values is None else {}
         if values is None:
             values = self._data
 
-        return self._simple_new(values, name=name)
+        result = self._simple_new(values, name=name)
+        result._cache = cache
+        return result
 
     def _maybe_convert_timedelta(self, other):
         """
diff --git a/pandas/core/indexes/range.py b/pandas/core/indexes/range.py
index c21d8df2476b3..2c038564f4e6f 100644
--- a/pandas/core/indexes/range.py
+++ b/pandas/core/indexes/range.py
@@ -141,7 +141,7 @@ def _simple_new(cls, values: range, name: Label = None) -> "RangeIndex":
 
         result._range = values
         result.name = name
-
+        result._cache = {}
         result._reset_identity()
         return result
 
@@ -391,7 +391,9 @@ def _shallow_copy(self, values=None, name: Label = no_default):
         name = self.name if name is no_default else name
 
         if values is None:
-            return self._simple_new(self._range, name=name)
+            result = self._simple_new(self._range, name=name)
+            result._cache = self._cache.copy()
+            return result
         else:
             return Int64Index._simple_new(values, name=name)
 
diff --git a/pandas/tests/indexes/common.py b/pandas/tests/indexes/common.py
index e5af0d9c03979..c13385c135e9f 100644
--- a/pandas/tests/indexes/common.py
+++ b/pandas/tests/indexes/common.py
@@ -919,3 +919,16 @@ def test_contains_requires_hashable_raises(self):
 
         with pytest.raises(TypeError):
             {} in idx._engine
+
+    def test_shallow_copy_copies_cache(self):
+        # GH32669
+        idx = self.create_index()
+        idx.get_loc(idx[0])  # populates the _cache.
+        shallow_copy = idx._shallow_copy()
+
+        # check that the shallow_copied cache is a copy of the original
+        assert idx._cache == shallow_copy._cache
+        assert idx._cache is not shallow_copy._cache
+        # cache values should reference the same object
+        for key, val in idx._cache.items():
+            assert shallow_copy._cache[key] is val, key