While significant work has appeared regarding the analysis of multiple-input multiple-output (MIMO) and antenna diversity systems, the problem of synthesizing MIMO and diversity antennas that are optimal under certain assumptions has received relatively little attention. Furthermore, it is difficult to quantify the performance of a practical MIMO antenna relative to an achievable bound. This talk discusses methods for determining the antenna radiation characteristics that will maximize the system diversity gain given very general information about the system operating environment. Because array supergain can influence the results, the discussion includes methods for controlling the level of array supergain. The performance of practical antenna configurations, such as simple dipole arrays designed either using classical procedures or genetic algorithm optimization, are shown in the context of the achievable bound. The framework is also extended to allow computation of a MIMO system capacity bound that is independent of the antenna configuration used. This allows further assessment of the performance of practical antenna designs relative to the theoretical limit.