SMSL PS200 Review: Why DAC Chips Are NOT Everything

Named Best Budget in our Best DACs guide.

Some people think that the DAC chip is all that matters for sound in a DAC. Others argue the chips make no difference, and that it's all about the output stage, power supply, and filters.

The SMSL PS200 is a $90 tiny digital-to-analog converter that focuses exclusively on measurements. Is it a good approach?

A tiny plastic build in a reused shell

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It's a very small, lightweight box. It can fit easily in the palm of my hand. It's so light that it's very easy for it to get pulled by the connected cables. It doesn't feel super fancy or anything. Likewise, it's made fully out of black plastic.

What's interesting, they used the same shell as on the PS100, to reduce manufacturing and R&D costs. On the front, there's a rectangular button used to control the DAC's inputs and power it on or off. The top of the unit features an engraved SMSL logo. It's one of my favorite ways of branding products. It looks way better than regular printed text or a logo.

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Four inputs and sensible RCA-only outputs

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It uses a USB-C connector for power. No matter if you're also using it for data, it has to be plugged into a phone charger or some other form of linear PSU.

There's a USB 1.1 and 2.0 switch, made to increase compatibility with older devices and maximize performance with newer ones. Next to it, there's an optical input, which can be a good idea if you're trying to use it with a noisy source like a computer's motherboard. Toslink uses light as a form of communication - unlike electrons, it can't transfer any electrical noise.

Lastly, there's a regular coaxial input, going through an RCA plug. For the analog outs, we have a single-ended pair of RCAs. You can't expect such a small and inexpensive DAC to be balanced. Moreover, going single-ended cuts down on the cabling costs, as XLR cables tend to be significantly more expensive. It also makes the process easier for beginners - as they don't have to worry about so many things and make so many difficult decisions.

Finally, there's Bluetooth 5.0 for wireless audio.

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Measurement-first specs from an ES9039Q2M

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The output voltage is flat 2 volts RMS, which is a standard for RCA. Its THD+N is at 0.0001%, or −118dB. The dynamic range and the signal-to-noise ratio are 123dB. It means one thing: the internals are not purposefully messed up, and it measures fairly well.

It can decode up to 768kHz PCM at 32-bit. The maximum DSD rate is very high - 512. For USB decoding, it uses a 3rd gen XMOS solution - I'm starting to see a pattern with the XU-316 chip. SMSL almost always uses this one. For digital-to-analog conversion, an ES9039Q2M chip is being used. That's a good chip, one of the higher-end ones from ESS. It also has 4 dual op-amp chips, presumably in the output stage.

Fine sound, until your system outgrows it

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Looking at the measurements and the chips, which are both good, would indicate that it has to sound great. However, the truth is a little different.

Luckily, it doesn't sound terrible, wrong, or off in any way. In less resolving setups, DACs don't make such a huge difference that this device could be a limiting factor. At some point, I'm sure it is going to be. For example, my reference speaker setup, being quite resolving, shows clear signs of system mismatch. It doesn't make the sound unpleasant or collapsed, but I definitely wouldn't build such a system with high-end speakers, an expensive amplifier, and such a budget-oriented DAC.

On the other hand, the PS200 can do a fantastic job in many cases. Dedicated headphone amplifiers paired with budget to lower-medium range headphones or active speakers are some of them.

Regarding its sound characteristics: the tonality is just fine, with a slight bright tilt - it's important, as the perceived tonality itself is one of the bigger factors. Bass punch is also there - ESS chips tend to overemphasize it slightly, in my experience. Nonetheless, while this DAC can perform well in some aspects, it can't do everything.

The soundstage width doesn't seem to be super wide. It doesn't shrink it down a lot, but it does it a little bit. The sense of depth is also not there, but it's understandable, as that's something usually associated with high-end components.

Timbral accuracy is not bad, but it has a plasticky sound added to strings or brass sound sources.

If you feel like your HiFi system isn't worthy of a super expensive DAC, you care only about the measurements, or simply don't hear large differences between DACs, this one will be perfect for you. Especially since it offers lots of audio formats and connection possibilities, I'd consider it a perfect beginner-friendly option.

Compared with the PS100, DO100 PRO and DL100

If you're on a tight budget and would like to explore some more options from SMSL, there are quite a few.

First, their even cheaper PS100 is performing quite similarly. What you're losing with it is the ability to decode higher sampling rate and bit depth formats, DSD, MQA, and some sound fidelity. By that I mean the sound is less refined, more closed in, and less detailed. However, the output stage and other components must be similar enough in both PS100 and PS200, since they generally sound alike.

The DO100 PRO is a clear upgrade in almost every aspect - it sounds better, is built to a higher quality standard, has more functions, and has lots of input/output options. However, it costs more and is much larger. There's also the DL100, which can be the most interesting option.