Update:
Measurements have been completed with multimeter, using a 400hz 0dB test tone from Spotify (checked Hz with meter and was correct). It took a bit of trial and error to get the DACs arranged in a way that they could be closely aligned:
- The SMSL SU-1 does not have volume control but could be matched closely with the Fiio K11 R2R.
- The volume control of the Topping D50III and the Chord Mojo 2 are stepped differently to the K11 (but fairly close to each other).
- In the end, to get best alignment, I had to revert back to having 2 DACs per WiiM device, with both WiiM devices set at max volume..
- The SU-1 and K11 R2R were connected to the Ultra, and the D50III and Mojo 2 connected to the Mini.
- I could then adjust the pre-gain on the Ultra, reducing it by 0.7db, to more closely align across all the DACs' volume controls.
- The DACs were then each adjusted to align as closely as possible with the SU-1 (that has no volume control).
- Primary voltage measurement was at the output of the 4-in/1-out switch, because this is the input for the Topping A50III amp.
- Secondary check was the DAC output before the switch, just for info and to check loss through the switch.
Here are the initial results:
View attachment 404131
The measurements were very close but when listening I felt the K11 had a lower volume than the rest, which seemed odd given the above measurements.
I decided to investigate by measuring the voltage output from the A50III amp, at both the 6.35mm jack (using a 6.35mm to RCA cable) and the balanced 4.4mm jack (using a 4.4mm to 3.5mm balanced headphone cable). The A50III volume control was set to max to make sure I could repeat the measurements if needed.
Here are the results of the amp output (DACs are in the same order as the columns in first table):
View attachment 404140
*
The high gain balanced values should be treated with caution because my multimeter could only go to 1d.p. when above 10v reading.
It seems that when the amp is in medium or high gain, the K11 R2R voltage drops significantly, which made me happy that I wasn't imagining the volume difference. To investigate some possible reasons for this voltage drop, I tried swapping around RCA cables and swapping the inputs into the switching box, but it didn't make a difference, it was only ever the K11 that had the drop in voltage after the amplifier.
Any thoughts why this might be the case?
Based on the analysis of the jack voltages, I decided that to ensure the closest volume matching I should use low gain on the A50III, along with the 4.4mm balanced output, which is still plenty loud enough for me to listen to uncomfortable levels on my Hifiman Ananda and Sundara Closed.
Summary & Conclusion
The issue with the differences in volume steps across the DACs meant that I was as close as possible in my previous volume matching by ear and at that point I could not discern a difference. By separating the DACs into groups and using the pre-gain on the Ultra, I was able to close the volume gap across all 4 DACs to negligible amounts.
To me, the 4 DACs sound absolutely identical, so the only decision I have left now is which DAC I'm going to keep, based on features / aesthetics etc. They're all really nice DACs with their own pros and cons, so I will ponder this question for a few more days and then report back.