In this paper, we analyzed a two-branch polarization diversity at a mobile station in NLOS environment when a base station transmits a circularly polarized wave. In order to calculate the correlation coefficient considering the XPD(cross polarization discrimination) between the received signals for the two diversity branches, a simple theoretical model of circular polarization diversity is adopted. From the analysis results, it can be seen that the XPD of circularly polarized wave is less than vertically polarized wave about 6~7 dB in measurement results. And also, it is clearly seen that the correlation coefficient of circular polarization diversity evaluated by the XPD is less than that of vertical polarization diversity.