To achieve a distributed reflectivity measurement along an optical fiber, we develop a simplified cost-effective configuration of optical correlation- (or coherence-) domain reflectometry based on a synthesized optical coherence function by sinusoidal modulation. By excluding conventional optical heterodyne detection (practically, without using an acousto-optic modulator) and by exploiting the foot of the Fresnel reflection spectrum, the electrical bandwidth required for signal processing is lowered down to several megahertz. We evaluate the basic system performance and demonstrate its high-speed operation (10 ms for one scan) by tracking a moving reflection point in real time.