The 5G physical layer has evolved rapidly. With transmissions at 28, 38, and 72 GHz, millimeter (MM) wave communications are at the core of it. Such links provide improved data rates to an increased number of users availing around 20 GHz of free spectrum. Directional arrays in multiple-input multiple-output (MIMO) setups facilitate beamsteered transmissions. Maximal ratio combining (MRC) receivers aid MM wave signaling and link metrics are analyzed in terms of antenna correlations. The system model is evaluated assuming a short range, non-line-of-sight (NLOS) MM wave user under independently correlated, Rayleigh conditions. This paper showcases analytical closed form expressions for received signal, output signal- to-noise ratio (SNR), line-of-sight (LOS), probability density function (PDF), and NLOS average capacity of the proposed MM wave link. The derivations exhibit capacity alterations with transceiver correlations. MM wave correlation matrices have unique dependency on steering vectors or corresponding transmission angles. This does not apply to millimeter wave.