The noise performances under AWGN channel of the IF-derivative and the quadrature differential FM discriminators, which are widely utilized in modern low power wireless radios, are analyzed and compared. The analysis relies upon the time-domain multi-sinusoidal representation of the noise that facilitates accurate and closed-form analytical SNR characteristics. Derivation of the SNR equations is detailed and discussion based on the analysis results is given to provide insights into the discriminators' performance limitation where it is demonstrated that the differential scheme is considerably more advantageous. Simulated SNR characteristics of practical continuous-phase frequency shift keying (CPFSK) systems using both the FM discriminators are presented as analysis verification.