An electronic device may include antennas, a ground, and a housing. First and second gaps in the housing may define a segment that forms a resonating element for a first antenna. First, second, third, and fourth antenna feeds may be coupled between the segment and ground. Control circuitry may control adjustable components to place the device in first, second, third, or fourth modes. In the first and second modes, the first and fourth feeds convey signals at the same frequency using a multiple-input and multiple-output scheme while the second and third feeds are inactive. In the third mode, the second feed is active and the first, third, and fourth feeds are inactive. In the fourth mode, the third feed is active and the first, second, and fourth antenna feeds are inactive. Isolating return paths may be coupled between the segment and ground in the first and second modes.