This paper proposes statistical analysis of phase-only correlation (POC) functions under the phase fluctuation of signals due to additive Gaussian noise. We derive probability density function of phase-spectrum differences between original signal and its noise-corrupted signal with additive Gaussian noise. Furthermore, we evaluate the expectation and variance of the POC functions between these two signals. As the variance of Gaussian noise increases, the expectation of the peak of the POC function monotonically decreases and variance of the POC function monotonically increases. These results mathematically guarantee the validity of the POC functions used for similarity measure in matching techniques.