A magnetic sensing system, including: a magnetic component proximate a movable mechanical component; and a magnetic sensor configured to determine a movement of the mechanical component based on a magnetic field produced by the magnetic component. The magnetic sensor includes: a low-offset magnetic sensing element; a high-sensitivity magnetic sensing element; and an offset compensation circuit configured to: determine a zero-crossing of a sensing field from an output of the low-offset magnetic sensing element; sample an offset value of the high-sensitivity magnetic sensing element at the zero-crossing; and subtract the offset value from an output of the high-sensitivity magnetic sensing element.