This paper describes a method for evaluating the performance of a small magnetic core loop antenna used for radio controlled watches. Recently, amorphous metal core loop antennas are used as built-in small antennas inside a metal case. It is difficult to perform electromagnetic simulation for amorphous core loop antennas because of the complicated laminate structure. Therefore, we modeled the amorphous metal core loop antenna as an equivalent bulk structure having anisotropic permeability property that we can simulate. We analyzed the receiving sensitivity of the amorphous antenna by calculating the antenna factor. The receiving sensitivity degrades remarkably when an antenna is inside a metal case. We performed further simulation to investigate eddy current losses that cause deterioration.