A magnetoresistive element has a first magnetic layer and a second magnetic layer separate from each other, the first magnetic layer and the second magnetic layer each having a magnetization whose direction is substantially pinned, and a non-magnetic conductive layer formed in contact with the first magnetic layer and the second magnetic layer and electrically connecting the first and second magnetic layers, the non-magnetic conductive layer forming a path of spin-polarized electrons from one of the magnetic layer to the other magnetic layer, the non-magnetic conductive layer comprising a portion located between the first magnetic layer and the second magnetic layer, the portion being a sensing area.