This statement needs a little clarification:DAC3 has 9.2uV noise at max volume. HPA4/LA4 has 1.9uV noise. HPA4/LA4 doesn't have the lowest noise possible. It's easily achievable to have less than 0.3uV noise.
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The output 20 Hz to 20 kHz output noise of the XLR line outputs on the HPA4/LA4 is 1.9 uV when the volume control is set to 0 dB (unity gain). It is lower at lower volume settings.
It is important to note that the XLR inputs and outputs are capable of passing +28 dBu which is 19.46 Vrms. The ratio between signal (19.46 V) and noise (1.9 uV) is 20*Log(19.46/1.9 uV) = 140.2 dB. A SNR of 140 dB is state of the art performance.
A noise voltage of 1.9 uV on a 19.46 V interface is the equivalent of a 0.39 uV noise voltage on a 4V interface. It is also important to note that the HPA4/LA4 achieves this at unity gain, not just minimum gain (output noise is lower at minimum gain).
The 1.9 uV output noise drops when the volume control is turned down. At minimum volume (-112 dB), the output noise is 1.18 uV. This is equivalent to 0.24 uV on a 4 V interface. At full mute, the output noise is 1 nV and is determined by the thermal noise (Johnson noise) of two 30-Ohm resistors .
At maximum volume (+15 dB boost) the output noise increases to just 5 uV. Given the maximum output level of +28 dBu (19.46 V), the SNR is 20*Log(19.46V/5uV)=131.8 dB. It is not easy to achieve a 15 dB gain boost and still have a 132 dB SNR. Again, this is SOTA performance.
If you measure the 2 Vrms RCA outputs, you will find that the noise is 15.7 dB lower than that of the professional XLR balanced outputs. The noise on the RCA outputs is 0.31 uV at unity gain and 0.18 uV at minimum gain (-112 dB). The SNR is identical on both interfaces, but it is very difficult to find RCA inputs that have a 0.31 uV EIN (equivalent input noise). Low noise systems need to be built with professional-grade balanced interfaces. High-voltage professional balanced interfaces make it much easier to achieve an excellent SNR (at the system level).
Comparing the noise voltage of a 4 Vrms balanced interface to that of a 19.5 Vrms studio-level balanced interface is comparing apples to oranges. You need to do the math to calculate the ratio between the signal and the noise.
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