Been a while but went back to do some DAC comparisons today. The reason being that I was using the WiiM Ultra with USB-out to Topping DX5II, but I decided to switch it out with the Fosi ZH3, mainly for aesthetic reasons, but also because with the (seemingly never ending) firmware updates for the Topping, I felt it was better to leave it in my office permanently attached to a PC.
When I started listening with the ZH3, I was taken aback that it seemed quite different (worse) than the DX5II, almost being harsh in treble and lacking a little in bass. So, needing to satisfy myself once again that this due was nothing more than volume changes, I broke the glass on my emergency audiophile-reality-check-toolkit (1-to-3 optical splitter; 1-to-4 RCA switching box, and a multi-meter) and got to work. I also decided to add in the Fiio K11 R2R just for nostalgia, given it is still the audiophile forum users' budget pick for "most musical DAC", and so much so that I was recently told if I don't hear how good it is then I need my hearing testing
Anyway, low and behold the ZH3 is significantly quieter out of the box than the DX5II, which is a chunk quieter again than the K11 R2R. I played around with their pre-amp volume controls to match voltage outputs as closely as I could, at which point the ZH3 and DX5II sounded identical. I could still notice a tiny volume difference when switching between the Fiio and the Topping, which last time around I resolved by using a second synced WiiM device as an additional volume control. However, this being a follow-up test, I had already satisfied myself that the differences were just volume related and by now the ZH3 sounded as good as the others, so I couldn't be bothered to go to that extreme again, knowing the outcome would be the same.
So I guess it's no surprise people like the K11 R2R based on the fact it seems quite a bit louder than other DACs, and it does make me wonder if DAC manufacturers might intentionally bump up the output to present a "better DAC". The second thing it made me think of is the comment I often see on audiophile forums where people will dismiss the validity of rapid A/B and ABX tests in favour of leaving a DAC in place for a longer period of time, and then switching back at a later date, which will "emphasise the difference". Well, if they don't level match the DACs before switching back then, as per my experience with the ZH3 vs the DX5II, of course they will hear a difference, but it is still just related to volume / output differences between the two DACs.
Anyway, below are readings from the multimeter, along with a picture of the "DAC Stack" test setup that includes a sulky Golden Retriever who is sick of the hifi getting more attention than him: