Multiple transmit and receive antennas are used MIMO system. The system creates parallel MIMO subchannels to transmit independent streams of data under the appropriate channel conditions. Similarly, Ultrawideband (UWB) communication has attracted great interest for various applications in recent days. Spatially multiplexed (SM) multiple-input multiple-output (MIMO) systems gains the spectral efficiency as well as high data rates without consuming additional power, bandwidth or time slots. In this paper, we extend the concept of MIMO to UWB systems. The correlated channel for such purpose is considered and the performance has been analyzed for spatial multiplexing SM-UWB-MIMO system which is required for estimation. The system performance substantially degrades in the presence of high values of spatial correlation. To avoid the degradation of such system, it has been designed for virtual UWB-MIMO Time Reversal (TR) system, so that it is not affected by the transmit correlation. Another novel method to reduce the effect of correlation has been chosen by taking the Eigen value of the channel matrix for the computation of the system performance. The result shows its performance.