The nominal capacitance specified in MLCC datasheets is typically characterized under static, low-frequency conditions, such as 120Hz/0.5Vrms or 1kHz/1Vrms.
Modern APs and CPUs increasingly operate in the GHz range, while PMICs and DC-DC converters typically function from hundreds of kHz to the MHz range. This high-frequency operational landscape renders static 1kHz/1Vrms nominal capacitance measurements insufficient. Consequently, characterizing the impedance line response of MLCCs across the MHz to GHz frequency spectra has become critical.
However, in high-frequency regions, applying a constant 1Vrms voltage across an MLCC requires an extremely large current source. Furthermore, achieving precise, synchronous voltage and current measurements is exceptionally difficult due to rapid phase and amplitude variations at these frequencies.
To address these challenges, a Vector Network Analyzer (VNA) is utilized for high-frequency characteristic measurements. The VNA transmits a small-signal power input and measures both the magnitude and phase shift of the reflected and transmitted signals. This methodology evaluates the high-frequency response of the MLCC under conditions that closely mimic its performance when handling high-frequency signals in practical applications. (※ The voltage magnitude of the signal may vary depending on the measurement frequency, line impedance, and the MLCC's own impedance.)
In summary, the nominal capacitance listed in datasheets is measured under static, low-frequency conditions (1Vrms/0.5Vrms) using an LCR meter. On the other hand, the capacitance displayed in the Effective Capacitance graph is derived from impedance characteristics measured using the VNA's power source, exhibiting a trend similar to capacitance measured under small signals of several tens of mVrms.
Taking a 1005-size (metric) 1µF product as an example, under 1kHz/1Vrms conditions on the AC Voltage Characteristics graph, it shows 1.0µF, but under 1kHz/10mVrms conditions, it shows approximately 0.77µF, which is very similar to the 0.78µF shown on the Effective Capacitance graph.

In fact, observing the voltage waveform while measuring the response characteristics of a 1µF MLCC under VNA conditions (0dBm, 100kHz), you can see that voltage level of approximately 15mVrms is applied.