A metrology tool for semiconductor wafers is disclosed which combines modulated reflectivity measurement with junction photovoltage measurements. The tool includes an intensity modulated pump beam for periodically exciting the sample. A separate probe beam is used to monitor changes in optical reflectivity of the sample. In addition, capacitive electrodes are provided to measure modulated changes in the voltage across the electrodes. These measurements are combined to evaluate the wafer. These measurement can be particularly useful in characterizing ultrashallow junctions.