A compact printed quadrant shaped monopole antenna is introduced in this paper as a good prospect for ultra wideband- multiple-input multiple-output (UWB-MIMO) system. The proposed MIMO antenna comprises two perpendicularly oriented monopoles to employ polarization diversity. An open circuit folded stub is extended from the ground plane of each radiating element to enhance the impedance bandwidth satisfying the UWB criteria. Two ‘L’ shaped slots are further etched on the radiator to provide good isolation performance between two radiators. The desirable radiator performances and diversity performances are ensured by simulation and/or measurement of the reflection coefficient, radiation pattern, realized peak gain, envelope correlation coefficient (ECC), diversity gain, mean effective gain (MEG) ratio and channel capacity loss (CCL). Results indicate that the proposed antenna exhibits 2.9–11 GHz 10 dB return loss bandwidth, mutual coupling <−20 dB, ECC < 0.003, MEG ratio ≈ 1, and CCL < 0.038 Bpsec/Hz, making it a good candidate for UWB and MIMO diversity application.