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We characterize the response of a parametric nonlinear optical circulator to realistic signals that have finite bandwidths. Our results show that intermodulation distortion (IMD), rather than pump depletion or compression, limits the maximal operating signal power and the dynamic range of nonlinear parametric circulators. This limitation holds even in the undepleted pump regime where nonlinear circulators are not constrained by dynamic reciprocity. With a realistic pump power, noise floor, and nonlinear waveguide, our numerical modeling demonstrates a maximally achievable spur-free dynamic range (SFDR) of 81 dB.

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