Robust adaptive beamforming based on worst-case performance optimization is investigated in this paper. It improves robustness against steering vector mismatches by the approach of diagonal loading. A closed-form solution to optimal loading is derived after some approximations. Besides reducing the computational complexity, it shows how different factors affect the optimal loading. Based on this solution, a performance analysis of the beamformer is carried out. As a consequence, approximated closed-form expressions of the source-of-interest power estimation and the output signalto-interference-plus-noise ratio are presented in order to predict its performance. Numerical examples show that the proposed closed-form expressions are very close to their actual values.