A simple variational theorem for the dispersion relations and propagat
ion constants of periodic waveguides is derived, The trial fields used
in the variational formula incorporate an the Floquet components corr
ect to first order. This yields a propagation constant in which errors
enter only to fourth order in the trial field, The analysis yields a
new coupled mode formulation which is shown to yield excellent agreeme
nt with exact analytic solutions (in 1-D), and numerical simulations (
in 2-D), for high-index contrast structures.