Ferrite materials provide magnetic shielding performance similar to commonly used high permeability metals but have lower intrinsic magnetic noise generated by thermal Johnson currents due to their high electrical resistivity. Measurements inside a ferrite shield with a spin-exchange relaxationfree (SERF) atomic magnetometer reveal a noise level of 0.75 fT Hz −1/2 , 25 times lower than would be expected in a comparable µ-metal shield. We identify a 1/f component of the magnetic noise due to magnetization fluctuations and derive general relationships for the Johnson current noise and magnetization noise in cylindrical ferromagnetic shields in terms of their conductivity and complex magnetic permeability.PACS numbers: 07.55. Ge, 07.55.Nk, 33.35.+r Many sensitive magnetic measurements depend on high performance magnetic shields typically made from high magnetic permeability metals.1 Several layers of such µ-metal can attenuate external fields by many orders of magnitude. The most sensitive measurements, however, are limited at the level of 1-10 fT Hz −1/2 by the magnetic noise generated by the innermost layer of the magnetic shield itself.2,3 Superconducting magnetic shields do not generate magnetic noise, 4 but thermal radiation shields required for their use with roomtemperature samples typically also generate noise of 1-3 fT Hz −1/2 . MnZn ferrites are promising materials for magnetic shielding because of their high relative permeability (µ ∼ 10 4 µ 0 ) and much higher electrical resistivity (ρ ∼ 1 Ω m) than µ-metal. We measured magnetic fields inside a 10 cm diameter MnZn ferrite shield using a spin-exchange relaxation free (SERF) atomic magnetometer and found that the magnetic noise level is up to 10 times lower than the noise measured in Ref. 3 from a 40 cm diameter µ-metal shield. In addition to electrical resistivity other sources of dissipation can lead to magnetic noise in accordance with fluctuation-dissipation theorem. In particular, magnetic viscosity effects result in an imaginary component of magnetic permeability at low frequency and generate magnetization noise with a 1/f power spectrum.5 The measured low frequency magnetic noise inside the ferrite is in good agreement with a prediction for this magnetization noise based on independently measured complex permeability of the ferrite material. To aid with the design of low noise magnetic shields we also derive simple analytic relationships for Johnson current noise and magnetization noise inside infinitely long cylindrical magnetic shields.Shield performance was measured using a SERF magnetometer, diagrammed in Fig.