The aim of this article is to investigate the accuracy of vector measurement-based attitude determination methods for a nanosatellite. Measurements from the horizon sensor and magnetometer are therefore modeled on the body frame. The triaxial Attitude Determination (TRIAD) technique is a widely used and effective method to determine the attitude of a nanosatellite. In this study, the TRIAD method is used with three different approaches to obtain the smallest orientation error of a nanosatellite equipped with magnetometers and horizon sensors. Analysis of covariance is conducted to evaluate the validity and reliability of the attitude determination process. Three modifications of the TRIAD algorithm were tested for accuracy and the most accurate was determined. The analysis provides information on the sources of error and uncertainty associated with the measurement and estimation process. This information is used to improve system performance and the accuracy of attitude outputs.