There are mainly two factors responsible for rapidly escalating production test costs of today's RF and high-speed analog circuits: 1) the high cost of high-speed and RF automatic test equipments and 2) long test times required by elaborate performance tests. In this paper, we propose a low-cost signature test methodology for accelerated production testing of analog and RF integrated circuits. As opposed to prior work, the key contribution of this paper is a new test generation algorithm that directly tracks the ability of input test waveforms to predict the test specification values from the observed test response, even in the presence of measurement noise. The response of the device-under-test (DUT) is used as a "signature" from which all of the performance specifications are predicted. The applied test stimulus is optimized in such a way that the error between the measured DUT performances and the predicted DUT performances is minimized. While existing low-cost test approaches have only been applied to lowand medium-frequency analog circuits, the proposed methodology extends low-cost signature testing to RF integrated circuits by incorporating modulation of a baseband test stimulus and subsequent demodulation of the obtained response to obtain the DUT signature. The proposed low-cost solution can be easily built into a load board that can be interfaced to an inexpensive tester.