A receiver for a communications link includes a receiver module and a host receiver. These two components can be tested independently. In one embodiment, the receiver module is characterized with respect to noise and distortion. The noise performance can be determined by comparing input and output signals of the receiver module, to determine the relative noise of the receiver module. The distortion performance can be determined by comparing the distortion of input and output signals of the receiver module, using a reference host receiver that includes an equalizer. The host receiver can be tested by using a reference receiver module.