Imbalance on early and late channels of full‐time PN (pseudorandom noise) code tracking loops always incurs a certain amount of error bias. Imbalance phenomena are due to the dissimilarity of channel corrrelators, filters in general and squaring circuits in noncoherent loops. In this paper, a quantitative analysis of the error‐bias and imbalance relationship is derived. It is worth noting that error bias is strongly dependent on signal to noise ratio (SNR), signal loss, and the difference between the filter responses. An illustrative example considering one‐pole filter imbalance is also described. The result shows that the noise‐induced error bias term is inversely proportional to SNR and to the difference between the cut‐off frequencies for certain code lengths.