Interesting challenge you have there.
It really depends on what your priorities are. Some people love brands, or design ethos, and some are more interested in the actual specifications, the technology behind the scenes and the justification for why one device may be objectively or subjectively superior to another.
In theory, there is no reason to expect any significant or audible difference from your Dragonfly Cobalt, in comparison to anything else out there. Why? At the heart of it is a pretty well specified DAC - the DAC Chip ESS ES9038Q2M, this is about as good as it gets, of course there will always be better, but not sure if there is any point going down the rabbit hole of diminishig returns, and spending more.
I sincerely think the Chord Mojo 2 will only be a wondeful asset and you would be a proud owner, but objectively and subjectively better to listen to, I sincerely do not think so. Technically it may measure better using tools, depending on the quality of the Cobalt’s analog implementation by Dragonfly. But will it make an audible difference, or sound better, I really do not think so.
At this level - i.e what you already have, on the DAC side of things, there may be no point seeking any better. The only concerns one may have with the Cobalt are :
- It does not offer a balanced headphone connection, such as a 4.4mm balanced socket, which would be nice to have, if you ever acquire balanced cables for any of your headphones/IEMs. Advantage would typically be more power. Albeit most headphones and IEM’s do not need the extra power(effectively resulting in higher volume/loudness).
2.The Dragonfly implemementation of the ESS DAC, is somewhat limited to a frequency response to 96Khz far below what the DAC is capable of.
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Dragonfly has chosen to use only one low pass filter, rather than give the end user a choice.
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Dragonfly does not (as is their custom) provide any measured specification data, on the performance of this dongle DAC, so you just have to believe their marketing blurb, as they are too unbothered to share such information, with potential purchasers.
On the DAC side of things, for not too much money, about $70 or less, I would suggest you may be interested in alternatives based on either the CS43131 or CS43198 DAC chips, which are also excellent. Examples of such products would include the Moondrop Dawn Pro, Moondrop Pro 2, TempoTec Sonat BHD, and the TempoTec Sonata BHD Pro. There are probably another 50+ Dongle DAC products based on these DAC chips. Although this is a subjective opinion, the CS DAC chip based products, are said to have a neutral yet detailed sound, balanced without over emphasizing any frequency.
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These alternatives would be much more reasonably priced than the Cobalt.
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Have published specifications, so you know what you are getting.
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More likely have been reviewed by credible independent testers, such as AudioScienceReview.com, so you can hear what others think of such products, objectively as well as subjectively.
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Have the missing 4.4 mm balanced headphone output, in addition to the standard unbalanced 3.5mm headphone output on your Cobalt.
I have had a TempoTec Sonata BHD, for 14 months, and have been pretty satisfied with it, to the point that I see no reason to upgrade, to anything else. I’m a professional audio engineer and musician, and this is what I listen through, for many hours a day, when I’m at home. I generally do not listen to music or audio when I am on the go, out of the house, I consider any ambient noise detracts from proper listening. !!
On your choice of possible alternatives, to the Etymotic ER3SE, I would suggest you consider taking a look at the progress in recent years, in planar magnetic IEMs, which typically you can find excellent examples of, from about $60 for the ARTTI T10, to the ARTTI T10 Pro for about $80 or less, others like the Letshouer S12 for about $100, and the Letshouer S12 2024 Edition which unfortunately was a limited edition and may be difficult to find as new!, or the 7Hz Timeless, the 7Hz Timeless 2, the Hidizs MP145, Letshouer S15 is about the most expensive of these suggested planar magnetic IEMs, for about $300 IIRC.
I use an ARTTI T10 and have been astonished at the quality of the product, and it was so well packaged, I bought for other members of my family. I’m pretty sure you’ll find any of the Planar Magnetic IEM’s I have suggested satisfactory, and more likely stunningly good at reproducing any audio.
WHile I own other even more highly specced DACs and Headphone amplifiers, I have been truly satisfied and impressed with the combination of the ARTTI T10 and the TempoTec Sonata BHD, I feel no need to upgrade for many many more years, to come. My point is you do not have to spend huge sums for truly stunning quality. I bought both of these for a total of less than $100, cos I got them on a sale. At full price, I still would not have spent more than about $140 for both of them, most likely less.
Fo a total of anywhere between $100 and about $300 max, I am pretty confident you can get an alternative set of dongle DAC (i.e portable DAC) and a planar magnetic IEM, which sounds stunning.
I would include in that total cost, the cost of 3rd party ear tips, costing no more than $30 for a pair of ear tips. In my experience while all IEM manufacturers, especially the likes of Letshouer and ARTTI, do a really good job of providing a good choice of ear tips, you may want to consider other options, which in my experience takes the sonic performance of the ARTTI T10, even further than any of the stock eartips.