Experiments were carried out on a water-based ferrofluid (gamma-Fe2O3 with carboxydextran shell) using photon correlation spectroscopy (PCS), atomic force microscopy, and magnetic nanoparticle relaxation measurements. The experiments were designed with the aim to relate the Neel signals that are in theory generated by large single core particles with nanoscopic properties, that is, particle size, particle size distribution, shell properties, and aggregation. For this purpose, the ferrofluid was fractionated by magnetic fractionation and size exclusion chromatography. Nanoparticles adsorbed onto positively charged substrates form a two-dimensional monolayer. Their mean core diameters are in the range of 6 to about 20 nm, and particles above 10 nm are mostly aggregates. The hydrodynamic particle diameters are between 13 and 80 nm. The core diameter of the smallest fraction is confirmed by X-ray reflectometry; the surface coverage is controlled by bulk diffusion. Comparison with the hydrodynamic radius yields a shell thickness of 3.8 nm. Considering the shell thickness to be constant for all particles, it was possible to calculate the apparent particle diameter in the original ferrofluid from the PCS signals of all fractions. As expected, the small cores yielded no Neel relaxation signals in freeze-dried samples; however, the fractions containing mostly aggregates yielded Neel relaxation signals.