We discuss the results of a systematic study of the magnetic stability of b
oth free and pinned layers in NiMn based spin valves upon hard axis anneals
at temperatures ranging from 120 degreesC to 200 degreesC. For the free la
yer, the relaxation of the anisotropy follows a T In(t) dependence, where T
is the anneal temperature and t is the anneal time. By contrast, the rotat
ion of the pinned layer unidirectional anisotropy angle does not follow a s
imple logarithmic time dependence. A further difference lies in the relaxat
ion rate, which in these particular spin valves is much more rapid for the
free layer than the pinned layer. Significant training effects are observed
when the sample is subjected to repeated major easy axis loops. In additio
n to the well known shrinkage of the pinned layer loop, we find that the tr
aining is associated with a net rotation of the unidirectional axis be as m
uch as 10 degrees.