The mechanical noise limit of a strain-coupled magneto(elasto)electric composite has been investigated when a magnetic or an electric field modulation is applied to sense a low-frequency magnetic field and access dc field measurement capabilities. The sensitivity and noise of such a composite sensor were derived from constitutive equations based on the piezoelectric and ferromagnetic material properties. The analysis was used to evaluate the equivalent noise floor of the composite sensor and to explain the origin of noise by constituting a mechanically coupled electromagnetic model. Experimental measurements revealed a good fit with the proposed model. For example, an equivalent magnetic noise level of $\sim 60$ pT/Hz at 1 Hz with dc capability was achieved using an appropriate field modulation.