A small-sized, circular-shaped Multiple Input Multiple Output (MIMO) antenna is investigated in this study. This antenna is suitable for wireless applications at 2.4 GHz and 5 GHz. The MIMO antenna comprises two identical, back-to-back slotted circular patch antennas with a common ground plane. The radiation direction of each antenna is oriented at 180° relative to its counterpart, providing good isolation between them. The novelty of this two-port MIMO antenna lies in its compact size of only 0.001λ03(where λ0 corresponds to the free space wavelength at 2.4 GHz) along with its dual-band operating capability. Important parameter values of this MIMO antenna are analyzed using electromagnetic analysis software. Directivity values of 5.5 dBi (at 2.4 GHz) and 6.7 dBi (at 5 GHz), as well as reasonable bandwidths of 50 MHz (at 2.4 GHz) and 160 MHz (at 5 GHz), are obtained for this antenna. Envelope Correlation Coefficients (ECC) of 0.01 at 2.4 GHz and 0.003 at 5 GHz, along with a nearly 10 dB Diversity Gain (DG), are achieved at both frequencies for this compact antenna system. The ratio of Mean Effective Gain (MEG) between the two antennas is found to be 0.02 dB at 2.4 GHz and 0.05 dB at 5 GHz. Channel Capacity Loss (CCL) values of 0.16 bits/s/Hz and 0.089 bits/s/Hz are obtained at 2.4 GHz and 5 GHz, respectively. The characteristic parameters of this two-port circular patch antenna system are compared with those of similar antennas reported in recent literature.