Quantum radar is an emerging technique, currently at the experimental stage, that promises to disrupt the wellestablished field of conventional radar. Recent progress shows that it is possible to generate and use entangled pairs of microwave photons for detection purposes and to obtain an advantage over a classical radar. In this work, we study the currently experimentally feasible type of quantum correlation radar. To this end, we compare different radar architectures, quantum and classical, by analyzing their detection performances by means of the receiver operating characteristic (ROC), the minimum error probability as well as the Chernoff bound. The underlying system models are based on quantum mechanical formulations as well as conventional signal theory. Where it is appropriate and necessary to facilitate our analysis, we apply the central limit theorem to establish the Gaussianity of the observable quantities. A conceptual analogy between the quantum and classic points-of-view is drawn and supported by results showing the asymptotic behavior of the ROC curves of both physical descriptions depending on the power levels of signal and noise. We come to exact and comprehensible conclusions on the current state of quantum radar in comparison to classic radar with a detailed mapping of the radar operating regime (measurement time, signal-to-noise ratio, environmental noise level, target object size and distance) in which a quantum advantage is attainable.