Multi-band orthogonal frequency division multiplexing (MB-OFDM) is an efficient approach for ultra-wideband (UWB). However, MB-OFDM is characterized by poor spectral properties that cause a high degree of spectral leakage and cyclic prefix symbol extension leads to a reduction of the bandwidth efficiency. Multicarrier transmission schemes without cyclic symbol extension require a good time-frequency localization of the elementary pulse. To this end, multi-band orthogonal wavelet division multiplexing UWB (MB-OWDM UWB) has been proposed as an alternative to the MB-OFDM UWB. However, any multi carrier signals with large number of subchannels like MB-OFDM UWB and MB-OWDM UWB signals have large Peak-to-Average Power Ratio (PAPR). Hence, in this paper, PAPR of MB-OFDM UWB and MB-OWDM UWB signals have been analyzed by using computer simulations. The Complementary Cumulative Distribution function (CCDF) and Bit Error Rate (BER) are used as performance measures in this evaluation.