A radial position sensor includes four capacitive electrodes oriented about a shaft, arranged in two diametrically opposite pairs. Sensor circuitry generates an output signal in proportion to the capacitance between the electrodes and the shaft; the capacitance between an electrode and the shaft increases as the shaft approaches the electrode and decreases as the shaft recedes from the electrode. The sensor circuitry applies an alternating voltage to one electrode of a pair and a 180 degree out of phase alternating voltage to the other electrode of the pair. The electrical responses of the two electrodes to their respective input signals are summed to form a radial deviation signal which is relatively free from the alternating voltage and accurately represents the position of the shaft relative to the electrodes of the pair.