The theoretical accuracy of baseline winds, estimated using spaced antennas (SA) and a full correlation analysis (FCA) method to process signals in the presence of noise, is derived assuming horizontally isotropic refractive index perturbations with a horizontal scale small compared to the transmitting antenna diameter D. This performance of the FCA method is compared with the theoretical performance of another correlation-based approach (i.e., the cross-correlation ratio method, CCR). The theoretical results of the error analysis are supported with numerical simulations and experimental data. It is shown that the theoretical analysis is valid and the results can be applied to improve wind estimates obtained from SA signals contaminated with additive white noise. The theory shows that the effect noise has on SA wind estimates depends on system configuration and lag spacing, and cannot be correctly accounted by a reduced correlation coefficient due to noise as hypothesized by May <1988>.