A portable electronic device is disclosed that includes a communication circuit electrically connected to a first antenna or a third antenna and electrically connected to a second antenna, at least one processor, and a memory. The memory may store one or more instructions that, when executed, cause the at least one processor to receive a first signal including first data from an external electronic device using the first antenna and the second antenna, receive a second signal including second data from the external electronic device using the third antenna, and determine a position of the external electronic device based on a phase difference of the first signal, time information of the first data, and time information of the second data. In addition to the above, various embodiments understood through the present disclosure are possible.