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A spin valve contains a magnetically soft free ferromagnet, a thin nonmagnetic metallic spacer and a reference ferromagnet pinned by exchange bias from an antiferromagnet. The recording track's stray field rotates or reverses the free-layer moment while the reference remains approximately fixed. Spin-dependent scattering makes the resistance lower for parallel moments and higher for antiparallel moments. A sense current converts this into a voltage signal, or a fixed voltage into a current signal.

A useful angular approximation is $R(\theta )=R_P+(R_{AP}-R_P)(1-\cos \theta )/2$. Biasing the equilibrium moments near $90^{\circ }$ gives an approximately linear response to small track fields. Pinning stability, magnetic shielding and the sensor's spatial extent matter for reading adjacent narrow bits.^[ref]

Exchange-split bands in a ferromagnet generally give a different spin-resolved density of states for each spin branch, $D_{\uparrow }(E_F)$ and $D_{\downarrow }(E_F)$. If spin is approximately conserved across a multilayer, its two spin channels conduct in parallel. A spin valve combines a comparatively fixed reference-layer magnetization with a soft free layer that rotates in a small applied field. Its readout depends on the relative angle, not simply the absolute spin population. Biasing the layers near a perpendicular alignment gives a useful linear response instead of operating at the flat parallel/antiparallel extrema.

In giant magnetoresistance, a metallic spacer separates ferromagnetic layers. Spin-dependent bulk and interface scattering make their channel resistances unequal. The density of available final $d$ states influences scattering of more mobile states; however, a large total density of states does not by itself guarantee a large conductivity. The scattering-weighted spin-channel asymmetry also involves velocity and scattering matrix elements. In the elementary identical-layer two-current resistor model, let each magnetic layer have resistances $a,b$ in the two spin channels and neglect spacer resistance. Parallel moments give channels $2a$ and $2b$, while antiparallel moments give $a+b$ in each channel. ThereforeOne favorable spin channel traverses both aligned layers efficiently; reversal removes that common easy path. A conducting spacer adds resistance, and spin mixing weakens the separate-channel approximation. The channel asymmetry is material/interface dependent, so positive magnetoresistance is not a theorem for every pair of different ferromagnets.^[ref]

In tunnelling magnetoresistance, the spacer is an ultrathin insulator and current flows across a magnetic tunnel junction. In the simple spin-conserving density-of-states tunnelling magnetoresistance model, assume spin-independent matrix elements and low voltage. Available initial and final states giveWriting $P_i=(D_{i\uparrow }-D_{i\downarrow })/(D_{i\uparrow }+D_{i\downarrow })$ and $G_0=C{D}_1{D}_2/2$, these become $G_P=G_0(1+P_1{P}_2)$ and $G_{AP}=G_0(1-P_1{P}_2)$. ThusThe effective tunnelling polarization can depend on the barrier and orbital symmetry, not just a bulk density-of-states sketch. Crystalline MgO junctions exploit symmetry-selective transmission, so the elementary product model is not a quantitative universal formula for them.^[ref]

Both devices convert a free-layer rotation into an electrical change. A useful approximate GMR interpolation is $R(\theta )=R_P+\Delta R(1-\cos \theta )/2$; the elementary tunnelling model instead gives $G(\theta )=G_0(1+P_1{P}_2\cos \theta )$. The spin-valve small-field sensitivity is a chain rule,magnetic anisotropy, biasing and pinning set the rotation susceptibility. Conducting-spacer GMR usually offers low resistance and supports current-in-plane or current-perpendicular geometries. TMR uses perpendicular tunnelling, often offers a larger fractional signal and a larger resistance-area product, but demands uniform, stable barriers and has bias dependence and breakdown limits. Neither is automatically the better small-field sensor: heating, Johnson and low-frequency noise, domain switching, hysteresis and stability set the detectable field. Reverse sweep direction, vary current and temperature, and independently test reference-layer pinning to distinguish a reproducible magnetic signal from drift or heating.

A spin valve with two ferromagnetic layers of different magnetic coercivities, allowing separate reversal without requiring one layer to be rigidly exchange-pinned. A continuous weakly coupling spacer permits a controllable antiparallel state.

A spin valve detects a small field by rotating a free layer relative to a pinned magnetic reference. The chain rule separates transport angular response from the magnetic rotational susceptibility. An angular response proportional to $1-\cos \theta$ has zero slope at perfect parallel and antiparallel alignment but a nonzero slope near perpendicular alignment. The smallest detectable field also depends on electronic and magnetic noise, thermal stability, hysteresis and the chosen bias current; a large magnetoresistance ratio alone does not determine sensitivity.