An UWB fractal MIMO antenna is investigated with the Theory of Characteristic Mode Analysis (TCM) in this article. The proposed design has othogonally displaced antenna elements. The 4-segmentation feeding technique are provided for resonant mode tuning with a spasmodic current distribution and its asymmetry behaves like impedance transformer. The proposed antenna has a dimension of 0.51λ2.4GHz×0.25λ2.4GHz, (λ2.4 is the lowest operating wavelength) and impedance bandwidth of 123.80% ranging from (2.4–10.2) GHz. The connected grounds are recessed on its confluence aiming at enhancing bandwidth and good port isolation > −17 dB, (inhibiting supplementary decoupling profiles). An 1-element and 2-element antenna design are analyzed through different CMA parameters and fabricated for validation. The study reveals some important CMA metrics like significant radiation modes, bandwidth potential, sensitivity, Q-factor and pattern diversity. The proposed MIMO antenna system can be used in UWB ad-hoc sensing, wearable devices, open source indoor localization, positioning and tracking applications.