Quantifying the amplitudes of ultrafast magnetization fluctuations in <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" display="inline"><mml:msub><mml:mi>Sm</mml:mi><mml:mrow><mml:mn>0.7</mml:mn></mml:mrow></mml:msub><mml:msub><mml:mi>Er</mml

Spin fluctuations are an important issue for the design and operation of future spintronic devices. Femtosecond noise-correlation spectroscopy (FemNoC) was recently applied to detect ultrafast magnetization fluctuations. FemNoC gives direct access to the spontaneous fluctuations of magnetization in magnetically ordered materials. In FemNoC experiments, the magnetic fluctuations are imprinted on the polarization state of two independent femtosecond probe pulses upon transmission through a magnetic sample. Using a subharmonic demodulation scheme, the cross-correlation of the signals from both pulse trains is calculated. Here, we quantitatively link the FemNoC output signal to an optical polarization rotation, and then in turn to the magnitude of the inherent spin fluctuations. To this end, three different calibration protocols are presented and compared in accuracy. Ultimately, we quantitatively determine both the variance of optical polarization noise in <a:math xmlns:a="http://www.w3.org/1998/Math/MathML" display="inline"><a:msup><a:mi>rad</a:mi><a:mn>2</a:mn></a:msup></a:math> and that of the ultrafast magnetization fluctuations in <c:math xmlns:c="http://www.w3.org/1998/Math/MathML" display="inline"><c:msup><c:mrow><c:mrow><c:mo stretchy="false">(</c:mo><c:mi mathvariant="normal">A</c:mi><c:mo>/</c:mo><c:mi mathvariant="normal">m</c:mi><c:mo stretchy="false">)</c:mo></c:mrow></c:mrow><c:mn>2</c:mn></c:msup></c:math>.