I think, as always, that SMSL delivers outstanding quality per pound with every device. It is obvious with every iteration that they try to maximize how much you can get for your money.
Diminishing Value and Quality
They have a battle with Topping in my opinion in this price range.. But I try to deduce at what point in the DAC market diminishing returns creep in. In the budget market, you can add €50 or €100 and see tremendous jumps in quality.
And thinking about that, I came to the stunning conclusion that the upper limit of diminishing returns probably appears around €800–€1000. But the lower limit, where it starts, is somewhere around €500. At €500, value and quality peak. This is where your investment gives almost the same return, but that return is quality audiophile-grade sonics.
And listening to the RAW DAC 1, I had that feeling throughout. How awesome it is, how great the value is in this DAC. Imagine you have a €1000 amplifier and a €1000 source. To hear quality improvements will require you to add €1000 or even more. But adding this DAC, you get double that improvement for half the price. This DAC is that good; it will make your system sound two to three times better with ease.
Build Quality and Features
But enough pondering. Is the RAW DAC 1 good? Absolutely. It is the culmination of what SMSL has been doing all these years, with a very recognizable sonic signature.
Maybe we see fewer and fewer pure DACs these days, but I always prefer that my DAC just does that and doesn't spend any engineering time and resources adding more features.
This is an AK4499EX with AK4191EQ DAC chip, using a 3rd generation XMOS engine for processing with 32-bit USB synchronization and DSD up to 512. There is also versatility in two coaxial, two optical, USB, line-level, and balanced-level connections. They all can transcribe up to 32-bit/768 kHz, which is nice. There is also the newest variety of Bluetooth available and a very fundamental but useful remote controller.
We can also mention the screen, which is okay; I could always live without it. From a distance, it is not very readable, but it could be useful in displaying inputs and volume.
Sound Quality
To me, the most impressive feature of the RAW DAC 1 is how much it instantly makes your system sound live and detailed.
It is an instant improvement for just €400.
Nobody can tell me that you cannot instantly hear sounds opening up, becoming more vivid, and having better separation—just all the things that make your music sound more real, more present.
And that is its biggest strength: how much it pushes details and expands the sound. The detail level in the mids and treble is amazing. And you will notice all the goodness which comes with detailed presentation, as textures in well-produced tracks become more three-dimensional; you can tell the properties and organics of instruments. And that is important for critical listening. It helps track, follow, and observe the timing of instruments.
And there are not enough superlatives to describe how well this DAC performs.
But this would not be a DAC if it did not help lift the veil and declutter the mids. And it certainly does that well. This will vary from amp to amp and speakers to speakers, but it will help your system be more expressive and transparent.
Now, depending on whether you prefer your DAC to color the sound or remain neutral will be a make-or-break factor for you. Certainly, a more neutral DAC will be clearer here and have a wider soundstage. It will allow your system to retain its sound and composure. And if you prefer a more laid-back presentation, look elsewhere, as this is a more forward presentation of vocals that might not be tonally accurate.
Also, the surprise of the month is the bass. Oh my. The bass suddenly has this urge to attack, to be dominant, that I was surprised. It had such definition and detail that I was shocked, to be honest. You would not expect that from a brighter DAC, but here we are. And if you have a warmer amp or speaker, this will be icing on the cake. How much it allowed the bass to cut through the grain and have more detail.
Pairing and synergy
And it is that emphasis on detail and micro-detail that makes this DAC a bit more difficult to pair. While the DAC is not fundamentally changing the sound of your system like an amp or speakers, it does sprinkle a bit of its character into the sound.
And its character works better with warm and neutral systems. This is because they retain their own sound signature but with a bit of added spark in the upper mids and treble. So it might wake up a bit sleepy system and laid-back ones. Maybe not wake them up, but add action to their dreams.
Class D amplifiers will benefit greatly from this DAC. And staying within the range of SMSL, Fosi, or Aiyima amps, this combination will be golden.
And this is a characteristic of many AKM chips; they do not tend to be as clinical as ESS chips, for example. They are a bit more open and detailed. So if you have experience with AKM, you already know what is going on here.
I will try to compare this to some similar DACs in this price range to further explain and visualize the sound of this DAC.
vs. Chord Mojo 2
And I will start with my favorite in this price range, the Chord Mojo 2. Mojo is a bit more expensive… But if you care about headphone amplification, portability, or equalization, this one is a no-brainer. You should go with the Mojo. But sound-wise, there are a few things that distinguish them and give them points over each other. Mojo 2 is dynamically rich overall, and in that kind of maturity, I think it has a bit of an edge over the SMSL. And there is inherently better separation and transparency in the Chord because of how it handles and organizes the mids better. But the RAW DAC 1 is amazing at resolving the sound; it is more detailed and has better exposition in the upper mids and treble. It also has s more fun and engaging sound.
It also has a small edge in pushing the details in bass, giving it more attack. Also, the RAW DAC has abundant inputs and outputs; it has Bluetooth, a screen, etc. If that is important to you, there is only one option here. It is you, in the end, who will pick which one is better; some people might enjoy the SMSL and some others Chord.
vs. SMSL SU-9 Ultra
Second is the SMSL SU-9 Ultra. I don't have this DAC for side-by-side comparison, but on paper, these two DACs are very similar. They have the same DAC chipset, and they cost the same. So why would you pick this instead of the RAW DAC 1? I think if you have the SU-9, it absolutely makes no sense to get the RAW DAC, as the RAW DAC is a bit of an upgrade. It has more connections, both inputs and outputs. It has more capable Bluetooth, and by SMSL measurements, it has a few decibels better noise and distortion levels. So, having the SU-9, buying the RAW DAC isn't a smart choice, but now I just don't see why someone would go for the SU-9 Ultra when this DAC exists. Maybe you can help me here and clarify a bit more.
vs. Topping D70 Pro Saber
Another alternative is the Topping D70 Pro Saber. Now, this DAC is 200 euros more expensive than the SMSL, so it is a more expensive alternative. But if you like that Topping sound, that neutral, balanced approach to organizing information, it is the closest alternative price-wise. And yes, probably it is a better match with the RAW DAC 1 Pro, but I have not heard that DAC yet. To me, the more you scale up to more expensive DACs, I start to prefer DACs like Topping and Denafrips with their balanced, neutral signature more, as they become more dynamically rich while remaining transparent and open, making them very mature audiophile gears. That is sort of my take on comparing these two, as in cheaper DACs, I prefer more detailed presentations. The Topping is more transparent; it separates more, and in doing so, it expands the soundstage of your system. But what is great about the SMSL, while not expanding the soundstage, is that it creates a feeling of more presence on the soundstage by coloring the instruments with a lot of textures. So, at times you feel the percussion better; you can hear where they are if they are buried under layers. That kind of makes music more fun and engaging.
I can see few people gravitating toward that sound, especially since the SMSL is also decent in clarity and is decent at organizing information and removing noise. Of course, the Topping does all that better, at some points much better, but is also a bit restrained, so you have to pick your poison.
Conclusion/Peak of Value and Quality
Listening to this DAC, considering other DACs, I came to the conclusion that value-wise, this is where DACs start to peak. This one offers an incredible amount of sound quality relative to its price. Something like the D70 is better, but not 200 euros better. Is this the only DAC that does this? Probably not, but I really enjoy and love it. There is incredible verve and detail that this DAC musters. There is great clarity, separation, and good organization of mids. It reduces noise levels drastically; it makes your bass have more attack and definition. Sound becomes livelier, more fun, and more engaging. It is just super amazing gear at this €500 price level that will improve your system so much that you will be amazed, like you are listening to a new, much more expensive system.
And that is SMSL for you. It is a big recommendation, and I honestly can't wait to hear what is new coming from them.
Pros
Value for Money
Outstanding performance relative to price, especially in the €500 price range.
Provides significant improvement in sound quality for a relatively low cost.
Offers audiophile-grade sound quality without requiring a high-end system.
Sound Quality
Excellent detail retrieval, particularly in mids and treble.
Adds texture and clarity, making music feel vivid and lifelike.
Strong bass performance with attack, definition, and detail.
Forward and engaging sound presentation, suitable for critical listening.
Great for improving transparency and expressiveness in a system.
Build Quality and Features
Incorporates high-end components like two AK4499EX and AK4191EQ DAC chips.
Wide range of connectivity options: USB, 2x coaxial, 2x optical, balanced, and 5.1 Bluetooth.
It works well with laid back and neutral systems
Works well with warm or neutral systems, complementing their sound signatures.
Ideal for pairing with Class D amplifiers like SMSL, Fosi, or Aiyima.
Adds vibrancy to laid-back systems, enhancing their dynamics.
Cons
Sound Preferences
Forward sound presentation might not suit listeners who prefer a more neutral or laid-back tone.
Vocals may lack some tonal accuracy
Not the biggest soundstage in price range
System Compatibility and pairing
Pairing with bright or analytical systems might lead to excessive treble energy.
Less ideal for users who prefer DACs that remain entirely neutral or clinical.
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