The aerodynamic performance of a counter-rotating ducted fan in hover mode is numerically analyzed for different rotor spacings and duct diffusion angles. The design of the counter-rotating fan is inspired by a custom-designed single rotor ducted fan used in a previous study. The numerical model to predict the aerodynamic performance of the counter-rotating ducted fan is developed by adopting the frozen rotor approach for steady-state incompressible flow conditions. The relative angle between the front and the rear rotor is examined due to the usage of the frozen rotor model. The results show that the variation of thrust for the different relative angles is extremely low. The aerodynamic performances are evaluated by comparing the thrust, thrust coefficient, power coefficient, and figure of merit (FOM). The thrust, thrust coefficient, and FOM slightly increase with increasing rotor spacing up to 200 mm, regardless of the duct diffusion angle, and reduce on further increase in the rotor spacing. The duct diffusion angle of 0° generates about 9% higher thrust and increases the FOM by 6.7%, compared with the 6° duct diffusion angle. The duct diffusion angle is highly effective in improving the thrust and FOM of the counter-rotating ducted fan, rather than the rotor spacing.