In this paper, comparative analysis of offset voltage PWM method and $V_{max}-V_{mid}$ PWM method for three-phase matrix converter is addressed by using a simple analytical and graphical method. Offset voltage PWM method calculates PWM patterns in terms of offset voltage and variable slope of carrier, and it simplifies matrix converter modulation algorithm significantly. $V_{max}-V_{mid}$ PWM method generates patterns by using two phases and maintaining a remaining phase to base phase, and it is implemented in the industrial products. The most important performance criterion of modulation method is a magnitude of current ripples and it is analytically modelled. The graphical illustration of theses complex multivariable functions make per-carrier cycle and per fundamental cycle behavior of two PWM methods understood. Two modulation methods are analysed with the analytical formulas and graphics, and the analysis shows offset voltage PWM method is superior to $V_{max}-V_{mid}$ PWM method with respect to input current ripples and output voltage ripples.