I'm new in this community and I hope it is the right place to post my question. Unfortunately, signal processing and electronics in general are not my fields, so I'm sorry if the question is trivial.
I'm detecting a signal with a photodiode, that is the blue signal in the following picture:
The blue signal is a sinusoid with frequency $\omega_1$ order of more or less 300 Hz, and it is modulated with a frequency $\omega_2$ (order of some kHz), with a small modulation depth $\epsilon$. This looks like a PM signal, of the type $y_{sig} = \sin(\omega_1t + \epsilon \sin\omega_2t)$.
This signal is taken and sent to a demodulation stage. Here, I think that in my lab we may not use the correct term, because for me a demodulation stage + LPF should yield by definition the original signal, but this is not what happens here. In any case, we feed the signal to a mixer, to mix it with a sinusoidal signal at frequency $\omega_2$, of the type $y_{demod} = \sin\omega_2 + \phi$, where $\phi$ is a phase that I can tune in my function generator. I then apply a Low pass filter, with cutoff frequency $\omega_{LPF}<\omega_2$.
We know from experience that this should yield the DERIVATIVE of the original signal, that in the picture is the yellow signal.
My question: I don't understand WHY the derivative is expected to come out from this demodulation+LPF sequence applied to $y_{sig}$. I expect the output signal to be something of the type $y_{out} = \sin\phi \frac{dy_{sig}}{dt}$. This is something I observe. Indeed, changing the phase $\phi$, I can tune the amplitude of the yellow signal until it vanishes. However, I don't understand HOW this expression may come out.
I thought I should calculate $y_{sig}\cdot y_{demod}$ (action of the mixer) and then get rid of the terms with frequencies $\omega_{LPF}<\omega_2$ to recover $y_{out}$. But nothing comes out of it. If you can give me some advice on how to proceed it would be very useful for me.