In this paper, we investigate the performance of simultaneous wireless information and power transfer (SWIPT) in a point-to-point system, adopting practical $M$-ary modulation. We take into account the fact that the receivers radio-frequency (RF) energy harvesting circuit can only harvest energy when the received signal power is greater than a certain sensitivity level. For both power-splitting (PS) and time-switching (TS) schemes, we derive the energy harvesting performance as well as the information decoding performance for the Nakagami-$m$ fading channel. We also analyze the performance tradeoff between energy harvesting and information decoding by studying an optimization problem, which maximizes the information decoding performance and satisfies a constraint on the minimum harvested energy. Our analysis shows that (i) for the PS scheme, modulations with high peak-to-average power ratio achieve better energy harvesting performance, (ii) for the TS scheme, it is desirable to concentrate the power for wireless power transfer in order to minimize the non-harvested energy caused by the RF energy harvesting sensitivity level, and (iii) channel fading is beneficial for energy harvesting in both PS and TS schemes.
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