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A long-term evolution (LTE) MIMO ferrite antenna was fabricated on Ni0.5Mn0.2Co0.07Fe2.23O4 ferrite substrate (14 × 7 × 3 mm3) and characterized for antenna performance. Measured return loss and isolation were -26 and -16.4 dB at 720 MHz, respectively. Correlation coefficient calculated from experimental S-parameters (S11, S22, S12, and S21) was less than 0.02 in the LTE band. Three-dimensional peak gain at 746 MHz was measured to be -8.83 dBi for antenna 1 and -8.32 dBi for antenna 2. These low antenna gains are attributed to high magnetic loss of ferrite substrate. Performance simulation suggests that antenna gain can be further improved up to -3.14 dBi with the use of low-loss ferrite.