This paper analyzes the frequency error variance of a low complexity s
ingle tone frequency estimator based on sample correlations of the inp
ut data. In the high SNR scenario it is analytically shown that the ac
curacy of a properly tuned algorithm is nearly optimal, i.e. nearly at
tains the Cramer-Rao lower bound. For low SNR the statistical efficien
cy of the algorithm is degraded, but it is analytically proven that fo
r a large number of samples the error variance attains the lower bound
for this class of estimators.