The world of global navigation satellite systems has been enhanced with several new or improved signals in space aiming to optimize accuracy, reliability, navigation solution, and interoperability between different constellations. However, such developments bring various challenges to the receivers’ designers. For example, acquisition and tracking stages turn into more complex processes while handling the increasing bandwidth requires additional processing power. In this context, we study the code tracking of Galileo E5ab in a full band or of only one of its components, i.e., either E5a or E5b. More specifically, an architecture for tracking the E5 pilot channel as an AltBOC(15,10) or BPSK(10) modulation is introduced, and the performance of well-known discriminator types is analyzed using analytical derivations and simulations of linearity and stability regions, thermal noise tracking errors, multipath error envelopes and tracking thresholds. Different parameters, such as the front-end filter bandwidth, the early/late chip spacing, un-normalized and normalized discriminators, are taken into consideration. The results obtained are used to illustrate the main advantages and drawbacks of tracking the E5 signal as well as to help defining the main tracking loop parameters for an enhanced performance.