DAC That Punches Above Its Price Point


I’ll make it short. I’ve spent some hours reading the DAC threads on this forum. I am aware quality of digital matters as superior DACs usually the costlier ones will sound better than cheap DACs, making music sound more analog, lifelike, real, believable with all the soundstage and detail etc. All the good things. There are some who thought it’s the music that matters, and although different DACs may sound different it’s the music that makes the most difference. In other words, the differences that exist between DACs are not that important as it's all about the music. I can see the point that people are trying to make.

Back to the topic. I’ve read great things on the Denafrips Ares II and Pontus II, and other costlier high-end DACs. I’ve read about the Chord DAVE. I personally own a Chord QBD76 and have no urge to replace it with anything else since it sounds splendid in my system, for the money. I may be setting up another system and was wondering if there is a DAC in the lower price bracket that punches way above its price point, sounding close to if not better than the costlier designs.

I presume the Audioquest Black, Red or Cobalt are not worthy of consideration and sound noticeably inferior to the costlier options? FWIW I tried the Musical Fidelity M1 DAC and this one really sounded poor to my ears. Very digital sound and I stopped listening to it after a while. The Chord sounds a lot more analog, lifelike and real to my ears.

I would appreciate any advice. Thanks.


ryder
I wish I had enough time to demo all of these suggestions. This is such a rewarding “hobby.” I sometimes feel uneasy calling it a hobby, it feels more like a lifestyle in a sense. I am currently building my dream system and cannot wait to finally get it all together. I hope the OP finds what he/she is looking for. Sorry for the rambling… 
Just purchased the Denafrips Ares II, too early to give any deep insight/s but it seems to outperform my MHDT Lab Orchid, at least on some levels. Either one works pretty damn well-except I did I roll the stock chip to a Philips TDA Double Crown on the Orchid come to think of it and it has an input tube you can roll as well. 
Though I have not tried it myself, I’ve heard good things about Questyle CMA12.

I love my Naim nDAC. You can probably find a used one for around $1,300 or so.
Schiit Yggdrasil @ $2.5K

Audio Research CD9se @ $17K

Both significantly exceed their cost at there given price points.
+1"Maybe the Pro-Ject Pre Box S2 Digital priced at $499 as per your comment "Ideally something up to $500 would be nice".

I use one of these in my office system. It sounds great -- on the detailed side but not shrill in any way.  It works best with my headphones and has RCA jacks to connect powered speakers or an amp.
+4 Ayre Codex.
I bet you can get one for $750 used.
It performs as good or better than the Schiit Gungnir that I also owned.
B
I would not worry about getting a DAC that punches above its price point.
Many great DAC`s from $1000-$5000(seems to be the sweet spot).
What some, here, may claim PAPP, may not match your tastes. You need to audition a few, and settle for what you like best. That will be: "your best bang for your buck".
Consider also building or finding an Audio Note

IF you really are serious about value, consider a Aesthetix Romulus… it has the Pandora DAC in it….
I stole a Lampi Amber for under your price target…… Codex is a great recommendation 
I did not state a budget because I’m not sure where the best value DAC lies in the price/performance envelope before point of diminishing returns kick in. From few posts here, it appears that giant killer options do not exist which is comprehensible. Ideally something up to $500 would be nice but if that’s not possible it can go up to say $2,000. New or used.
You said nothing about budget. 

If you're buying new, the best values are the direct import Asian DACs.
I can't think of anything I've heard that "punches above its price point".  The old maxim, "you get what you pay for" is true for most things.  Sometimes you're paying for something other than sound quality (audio jewelry), but a $150 DAC is not going to sound the same as the best DAC you can buy for $2,000 - $3,000.  Some in that price point might sound as bad as something that only cost $150 however. 

I've heard some things that sound really good "for their price", but they are always making compromises in way or another.  For example, I have a couple of sets of headphones that are in the $150 - $200 range that I really enjoy listening to.  They are super comfortable and easy to listen to and in the case of one, it's tipped down quite a bit and is really good for listening to EDM, but in terms of sound quality, they don't really compete with my higher end headphones.

Why don't you just tell us what your budget is and get some suggestions in that price range?
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MHDT DACs especially used are a great deal and punch above their weight class
You'll get a ton of different suggestions on this one.
Here's mine...head over to audiokarma and search for the Musical Paradise MP-D2 threads. Mk2 version is the sweet spot generational-ly in my opinion.
Topping E30 - $150.  Sounds excellent on what I consider a fairly high resolving system....nice improvement from the stock DAC on my Denon CD player.  
Chord Qutest. Punches way above its price point in every category. Owned one. Very hard to beat. 
If you truly have spent the hours reading the DAC threads, and no doubt that you have, should you have not come to the conclusion, you are going to get a plethora of opinions on this?