I am measuring impedance data with Agilent Analyzer 4294A with a custom built fixture. After performing both open and short fixture compensation, when I measure the impedance between open terminals (without connecting DUT), the device gives highly fluctuating values (but all above G-Ohms, as I expected) like noise. However, the impedance drops below 1G around after 500 KHz, the impedance curve becomes smooth and it ultimately drops around 30 M at 110 MHz.
I wonder if the impedance analyzer is detecting that the fixture may have some stray capacitance. But then, what does the open compensation do really?