  This article analyzes the performance of sensing and communications (S\&C)
achieved by a multiple-input multiple-output downlink integrated S\&C (ISAC)
system. Three ISAC scenarios are analyzed, including the sensing-centric
design, communications-centric design, and Pareto optimal design. For each
scenario, diversity orders and high signal-to-noise ratio slopes of the sensing
rate (SR) and communication rate (CR) are derived to gain further insights.
Numerical results reveal that \romannumeral1) ISAC achieves the same diversity
order as existing frequency-division S\&C (FDSAC) techniques; \romannumeral2)
ISAC achieves larger high-SNR slopes and a broader SR-CR region than FDSAC.
