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This paper reports a comprehensive study on the gravitational wave (GW)background from compact binary coalescences. We consider in our calculationsnewly available observation-based neutron star and black hole massdistributions and complete analytical waveforms that include post-Newtonianamplitude corrections. Our results show that: (i) post-Newtonian effects causea small reduction in the GW background signal; (ii) below 100 Hz the backgrounddepends primarily on the local coalescence rate $r_0$ and the average chirpmass and is independent of the chirp mass distribution; (iii) the effects ofcosmic star formation rates and delay times between the formation and merger ofbinaries are linear below 100 Hz and can be represented by a single parameterwithin a factor of ~ 2; (iv) a simple power law model of the energy densityparameter $\Omega_{GW}(f) ~ f^{2/3}$ up to 50-100 Hz is sufficient to be usedas a search template for ground-based interferometers. In terms of thedetection prospects of the background signal, we show that: (i) detection (asignal-to-noise ratio of 3) within one year of observation by the Advanced LIGOdetectors (H1-L1) requires a coalescence rate of $r_0 = 3 (0.2) Mpc^{-3}Myr^{-1}$ for binary neutron stars (binary black holes); (ii) this limit on$r_0$ could be reduced 3-fold for two co-located detectors, whereas thecurrently proposed worldwide network of advanced instruments gives only ~ 30%improvement in detectability; (iii) the improved sensitivity of the plannedEinstein Telescope allows not only confident detection of the background butalso the high frequency components of the spectrum to be measured. Finally weshow that sub-threshold binary neutron star merger events produce a strongforeground, which could be an issue for future terrestrial stochastic searchesof primordial GWs.

On the gravitational wave background from compact binary coalescences in the band of ground-based interferometers