A first magnetic sensor produces a first output signal in response to movement of a target such as a multi-pole ring magnet, and a second magnetic sensor produces a second output signal in response to movement of the target. The first and second magnetic sensors may be corresponding magnetoresistor sensors, the first and second magnetic sensors may be intertwined, the first and second magnetic sensors may be oriented at an angle with respect to one another so as to produce a difference in phase between the first and second output signals, the first and second magnetic sensors may be arranged so as to produce a 90° phase difference between the first and second output signals, and/or the first and second magnetic sensors may be formed on a semiconductor substrate.