We calculate the efficiency with which magnetic tunnel junctions can be used as resonant detectors of incident microwave radiation via the spin-torque diode effect. The expression we derive is in good agreement with the sensitivities we measure for MgO-based magnetic tunnel junctions with an extended (unpatterned) magnetic pinned layer. However, the measured sensitivities are reduced below our estimate for a second set of devices in which the pinned layer is a patterned synthetic antiferromagnet (SAF). We suggest that this reduction may be due to an undesirable coupling between the magnetic free layer and one of the magnetic layers within the etched SAF. Our calculations suggest that optimized tunnel junctions should achieve sensitivities for resonant detection exceeding 10 000 mV/mW.
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