Methods and systems are discussed for determining venous oxygen saturation by calculating a ratio of ratios from respiration-induced baseline modulations. A calculated venous ratio of ratios may be compared with a look-up table value to estimate venous oxygen saturation. A calculated venous ratio of ratios is compared with an arterial ratio of ratios to determine whether baseline modulations are the result of a subjects respiration or movement. Such a determination is also made by deriving a venous ratio of ratios using a transform technique, such as a continuous wavelet transform. Derived venous and arterial saturation values are used to non-invasively determine a cardiac output of the subject.
