International Telemetering Conference Proceedings / October 26-29, 1998 / Town & Country Resort Hotel and Convention Center, San Diego, California / This paper analyzes the performance of a modified correlation, or delay-locked loop (DLL). These devices typically cross-correlate the received signal with a differentiated version of the originally transmitted signal. This paper describes some interesting properties the loop assumes when the differentiator is replaced by a Hilbert transform. The loop will still track the timing offset of the code, but it will also be able to acquire the signal when the initial offset is greater than one chip time. The new loop may also be superior to traditional DLL in low SNR environments, since it is much less likely to lose lock. Since the new loop is highly non-linear, it is studied through the use of computer simulations.