In this study, the performance analysis of the recently proposed Hexagonal Square Amplitude Modulation Spatial Modulation (HQAM-SM) system on Nakagami-m fading channels is presented. Performance analysis was performed considering the most general state of the Nakagami-m channel distribution phase for the phase without uniform-distribution. HQAM optimizes the assignment of code words to points in the form of a hexagonal constellation to minimize the average Hamming distance. This arrangement always uses energy more effectively than conventional quadrature amplitude modulation (QAM) and performs almost the same performance as QAM at higher SNRs. In this study, a more energy-efficient system was proposed for Nakagami-m fading channels compared to conventional SM, where SM will carry data with HQAM instead of carrying data with conventional modulated symbols in addition to the antenna index. Performance analysis of the proposed system was carried out in Nakagami-m fading channels.