Number of Metrics: That's the live metrics the agents are currently sending.
Historical Metrics: That's all the metrics the Enterprise Manager has ever seen.
If you start an agent with a name X, and then shut it down, and restart it with another name Y, then all X metrics are no longer live and become historical metrics, still registered in the SmartStor.
Therefore, historical metrics may increase if you change the "host|process|name" often for a same agent,
or, if you have uncleaned old stopped agents,
or, if your applications generate metric names that change over time (typically URL or SQL metrics).
Over time, the number of historical metrics naturally increases with respect to the live metrics.
APM 10.5 and above handles historical metrics better with a default clamp of 30 Millions and with auto-cleaning of the Smartstor metadata.
It should no longer be a problem starting with APM 10.5.