I have come to the conclusion that the best budget IEM is one that has been measured with a 5128 and you can EQ to whatever you want.
The Kiwi Ears Quintet is terrible at 250€. But, thankfully, Crinacle has measured it, and you can fix everything wrong with it.
The EW200 is very cheap and you can make them sound perfect thanks to Crinacle's measurements.
Hydro is pretty good, but you can't make it sound as good as the EW200, despite being 100€ more expensive, because it hasn't been measured with a 5128.
JM-1 -1dB/oct tilt and +10dB bass and Dolby Atmos on automatic on.
Warm, smooth. Extremely non-fatiguing, spacious...
You can make a 20€ IEM sound better than a 600€ one with just that.
You don't believe me?
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Buy any IEM measured with 5128 and tune it to you liking adjusting the tilt and the bass of either DF or JM-1. You will get a TOTL experience at 1/20 of the cost. I have many very expensive IEMs that are destroyed by an EQ'd cheap EW200.