A varactor diode includes a contact layer having a first conductivity type, a voltage blocking layer having the first conductivity and a first net doping concentration on the contact layer, a blocking junction on the voltage blocking layer, and a plurality of discrete doped regions in the voltage blocking layer and spaced apart from the carrier injection junction. The plurality of discrete doped regions have the first conductivity type and a second net doping concentration that is higher than the first net doping concentration, and the plurality of discrete doped regions are configured to modulate the capacitance of the varactor diode as a depletion region of the varactor diode expands in response to a reverse bias voltage applied to the blocking junction. Related methods of forming a varactor diode are also disclosed.