I’ve never tried to use RF-signal generators for dual tone tests, even though I do have two of them available. A single modern dual channel AWG is just so much handier for this and up to now I’ve not had any desire for such tests at frequencies higher than 500 MHz.
I would expect a R&S FSEA30 measurement to provide much better results than what has been shown here. Since I’ve never experienced any problems and always assumed that the analyzer is the weakest spot in tests like this, it becomes obvious that the output stages of a modern AWG must be much less prone to intermodulation distortion from injected signals. Most likely there is no ALC either, even though the accuracy of the output levels can easily compete with the best RF-signal generators, like a specified accuracy of 1 % and +/-0.3 dB flatness over the entire bandwidth.
As usual, actual performance is much better than this and there are sweet spots, like 100 kHz - 500 MHz +0.06 / -0.04 dB absolute error at -30 dBm. See this old reply #162 in the thread linked below, showing the response of my (original) SDG6052X and comparing it to an older high performance signal generator.
https://www.eevblog.com/forum/testgear/siglent-sdg6000-series-awg_s/msg2621457/#msg2621457Long story short, the signal quality, stability and accuracy can easily compete – and the insensitive (to intermodulation from outside) output stages are a big plus.
The first attached screenshot shows the IMD at 450 MHz with a resistive wideband power combiner (DC – 12.4 GHz) and two additional 10 dB inline attenuators at its inputs, for a total of 26 dB of isolation.
Ref_450MHz_O200kHz_-10dBm_Iso20dB
We get better than -85 dBc IMD – and mind you, this is not an SA with 110 dB third order dynamic range like the R&S FSEA30. Base line is, that I expect the actual signal to be much better than this. Even without additional isolation, i.e. just the 6 dB of the power combiner alone, I could measure -74 dBc.
I can verify that the signal is better than this with another instrument, but only up to 5 MHz:
Pico4262_IMD_4MHz_O100kHz_0dBm
At 4 MHz I can easily demonstrate the IMD to be better than -97.5 dBc – and once again I hit the limits of the analyzer, not the test signal.
The whole point of this posting is to demonstrate, that with the right tools the quality of the test signal needs not be an issue at all.