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This paper describes the operation of two spaceranging systems. It evaluates and compares some fundamental capabilities of the two systems described, based upon performance as a function of the ratio of received ranging signal power to noise power density. The characteristics compared are 1) time required for signal acquisition, 2) range measurement accuracy, and 3) maximum range capability. Although no conclusions are drawn as to the preference of one generic type over the other, the results indicate that the described coded system provides greater accuracy and some acquisition advantage compared with the described tone system. Both systems have approximately equivalent threshold capabilities.