Differential circuits are assumed to reject common-mode noise yet no parameter is available to describe that rejection as the Common Mode Rejection Ratio (CMRR) applies only to deterministic signals, not to random noise. We propose a model and a method to analyze the contribution of the input common-mode electronic noise to the output voltage noise of differential circuits. The analysis shows that the same parameter-matching conditions that improve the CMRR determine common-mode noise rejection but CMRR is more sensitive to mismatching. For example, a low-frequency CMRR as low as 8 dB implies that more than 82% of common-mode noise is rejected. Thus, often only differential-mode noise is relevant. However, if the equivalent input current noise sources predominate over equivalent input voltage noise sources, cross-correlation between them partially yields common-mode noise that will also be rejected. We also propose a simple test that yields an estimate of that correlation.