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An energy-efficient (1.02 pJ/b) and high-speed (20.83 Gb/s/wire, 417 Gb/s/mm) link for ultra-short reach (USR) applications (up to 6-dB channel loss at the Nyquist frequency of 12.5 GHz) is presented. Correlated non-return to zero (CNRZ) signaling with low sensitivity to inter-symbol interference (ISI) has been developed to improve the link budget. In addition to high pin efficiency (5b6w: 5 bits over 6 wires), the proposed signaling method provides very good resistance against common-mode and crosstalk noise sources, allowing for dense routing. A very wide-band (1.3 GHz) jitter tracking mechanism has been employed to reduce the sensitivity of the system to random and deterministic jitter and relax design constraints on transmitter. A slicer with low kick-back noise and a circuit topology well matched to the continuous-time linear equalizer (CTLE) has been designed to provide both high input sensitivity and Process, supply Voltage, and Temperature (PVT) variations tolerance. The link operates with more than 22-ps (42.5% UI) eye opening at BER = 1E-15. Calibration loops are running in background for quadrature mismatch error correction, clock and data alignment (CDA), and offset removal.