Experimental characteristics of monolithic InAlAs/InGaAs HEMT mixers are presented together with a theoretical analysis. Experiments at W-band show a maximum conversion gain of 0.9 dB with 2 dBm of LO power level. This is the first demonstration of a monolithic HEMT mixer with conversion gain at W-band. The conversion gain dependence on LO power, RF frequency and gate bias is measured and compared with the theoretical predictions. Good agreement between the theory and experiment could be found. >