This paper proposes a new approach to the analysis of the steady-state performance of constant modulus algorithms (CMA), which are among the most popular adaptive schemes for blind equalization. A major feature of the proposed feedback approach is that it bypasses the need for working directly with the weight error covariance matrix. In so doing, approximate expressions for the steady-state mean-square error of several CM algorithms are derived, including CMA2-2, CMA1-2, normalized CMA, and a new normalized CMA variant with less bias. A comparison among the various algorithms is also performed, along with several simulation results. The conclusions confirm the superior performance of CMA2-2.