AYON Sigma tube DAC PCM USB-24/192 & DSD USB 12S/DoP BNC

NZ$ 5,995.00 ea (incl. GST)
Ayon Audio

"The Bugatti of Audio" - TAS: The Absolute Sound magazine

For ten years, the Austrian manufacturer Ayon Audio made its way into the world of high-end hi-fi through CD players, D / A converters, preamps and amplifiers popular audiophile tubes.

Today Ayon Audio Introduces New DAC- (D/A converter) to open the music cloud and DSD, without denying his love for the tube: the Sigma. Built around a power transformer and a largely oversized Sigma is characterised by an output stage and balanced and unbalanced differential class A gain, composed around a high performance 6 h 30 triode per channel to make the most of a D / A converter of the latest generation

Assembled by hand, the brushed aluminium chassis and anti-vibration nonmagnetic anti-resonant Sigma, ESS Sabre DAC incorporates a 32-bit PCM to convert to 24-bit - 192 kHz and DSD 64 and 128 times oversampled in the best conditions. Weighing still 12 kg, it offers an impressive number of digital inputs - S / PDIF (RCA and BNC), AES / EBU, TosLink, I2S, DoP and 3 BNC for DSD - and a USB input asynchronous 24/192 and DSD. The digital stage can also count on a floor oversampling PCM 24-bit - 192 kHz switchable as well as a clock generator ultra-low jitter. The output stage of the Sigma Ayon sees a signal path kept as short as possible to give expression to a single-ended installation without completely redesigned against reaction. Made from the best components available, the Sigma uses no transistor or buffer at the output stage tubes in class A fully lined to serve separate left and right channels. The analog signal is available in balanced XLR or unbalanced RCA plug.

Made from an R-Core transformer low noise, filtered input for the digital and analog sections by secondary windings, the generous supply the manufacturer describes innovative uses electrolytic capacitors and a rectifier tube for each channel, followed by six floors of voltage regulation for use with speed and power each section of the apparatus, particularly the output stage and two 6H60 tubes.

OWNER COMMEMTS: "t's good, in fact very good. Mine now has 30 or more hours on it and it's sonically mature already. But first I should mention where I have come from....

My previous DAC, The DirectStream, took 400 hours to mature but didn't really get there. It was good, clinical might be an apt sonic description; just not good enough to earn a permanent place in my music system. Actually to this point I have been DAC agnostic, tried quite a few, difficult to pick many of them apart. Always left me wondering what all the fuss is about whether to choose this DAC or that. There's not much not to like about DirectStream, but the decision to let it go simply came down to the fact that it didn't sound all that much different to my Kaleidoscope player going direct to the Halcro pre-amp. An $8k DAC investment that doesn't add much to the existing equation makes it hard to justify keeping it, especially when I was getting $6k+ offers for it.

There ended my DAC journey, that is until my Magico dealer introduced me to Ayon. He called it musical. To my mind musical is an aberration of the original which is not the space I fly in, especially when you consider the clinical accuracy of the rest of my system. So I told him I wasn't interested in it. I'm 100% solid state ultra low distortion, and the Ayon is tube. Again, just not interested. He threw other options at me but kept coming back to the Ayon. Eventually I surrendered and placed my order for the Ayon Sigma. Stealth is the next level up but only in its pre-amp section. No point going for the Stealth when I have a Halcro pre, which is why I went Sigma.

Out of the box it got my attention. Nice. My dealer said if you think it sounds good out of the box wait until it's got 30 hours on it. He was right. Wow. This Ayon is in the DAC stratosphere...I've heard the dCS Rossini...this is better, in the sense of musicality and thorough enjoyment. Gone from the back of my mind in the DAC assessment journey is the question of is it better or not? does it bring anything to the party? Those thoughts are gone. I'm listening to the Ayon now and it's thoroughly there, I don't really care if it's aberrating the original. Toes are tapping. 160kg of Magico speakers are no longer in the room. I've got 100% performance space. This DAC is the real deal.

If anybody reading here is contemplating a new DAC purchase, and if your other hardware is up to pedigree, I doubt you'll find a better DAC at twice the price. If there is a better one out there, I haven't heard it yet. The Ayon Sigma is a keeper."........ Raidiance Pro - Perth





Full-featured Tube D/A converter
Class-A triode vacuum-tube output stage for single-ended and balanced operation

Signal Path
We believe that the simplest circuits work best together with the shortest signal path. That is why our pre-amplifiers to date have used single-ended pure class-A circuitry. The shorter the signal path is, the less possibility of sonic degradation from various sources, including the wire itself. Even on the circuit boards, the copper traces are kept to a very minimum length. The completely redesigned circuit board provides a more straightforward and direct approach to the signal paths. 

  • Logical sequenced soft-start power up for extended tube life
  • Warm up function
  • 0dB negative feedback (of any kind)
  • Ultra short signal path
  • Simplest direct circuit path for purest musical sound and high reliability
  • Low output impedance for driving long runs interconnect to an amplifier, and any tube or solid state power amp
  • No solid state devices in the analog tube output (signal path)
  • Minimal discrete wiring for optimum signal propagation
  • No followers or buffers in the signal path
  • High quality parts throughout
  • Fully hand assembled to insure the highest level of craftsmanship
  • Separate analog output stage for left and right channel
  • Internal hardware PCM upsampler for CD sources to 24/192K (can be disabled)
  • Volume control
  • Native 192kHz PCM and DSDx128 conversion
  • Ultra-low jitter internal clock generator
  • USB input (24/192 asynchronous  and DSD)

Power Supply
The power supplies have been further refined with new components and enhanced AC line noise filtration. Separate power transformer windings and filters provide total isolation between the input and output stage which makes this a pure power source and it is a critical attribute for a 6H30 output stage. We also use electrolytic capacitors with much larger storage capacity to make up for the loss in filtering when using resistors in lieu of inductors.

  • R-Core / Low noise – insulated power transformer for digital & analog
  • Tube rectification
  • Innovative power supply provides a high speed energy delivery on transients
  • Separate and isolated power supplies over each stage of amplification
  • Regulated DC filament supplies with soft start for tube
  • AC power line filter to avoid noise and hash from entering into the unit.
  • 6 separate voltage regulators

The type of parts used therefore must have a synergistic relationship to the circuit they are placed in. It is this relationship of which type of part to use where, that ranks our products apart from the mass.

  • Selected, premium quality passive components used in all applications
  • High speed  & high quality audiophile grade coupling capacitors
  • High quality tube sockets with gold pins
  • Superior capacitors (MKP 2%)
  • High quality – RCA  & XLR jack
  • Gold-plated industrial grade PCB

Mechanical Construction
The high grade aluminium chassis impart a richer, more lustrous tonality with a cleaner back-ground and less hash and grain. All brushed anodised anti-vibration-resonance and non-magnetic chassis’s are fully hand assembled to insure the highest level of craftsmanship.

  • Front panel descriptions are engraved
  • AC phase polarity control indicator
  • The aluminium feet are resonance absorbing types
  • Chassis finish: black / chrome


onversion: 32 bit, 192 kHz PCM to DSD 64 × and 128 ×
DAC configuration: 8-channel to 2-channel stereo output
Tubes Analog Output: 6 h 30
Dynamic Range:> 128 dB
Output level at 1 kHz / RMS: 0-10 V
Output impedance: 300 Ω around
Digital Inputs: 1 x S / PDIF RCA, BNC × 1, 1 × AES / EBU, 1 x Toslink, 1 x USB, 1 ◊ I2S, DoP 1 ×, 3 × BNC for DSD
Analog Outputs: RCA and XLR
Signal / noise ratio:> 120 dB
Frequency Response: 20 Hz - 20 kHz ± 0.2 dB
Total Harmonic Distortion: <0.002%
Remote control: yes
Dimensions (W × D × H): 480 × 360 × 110 mm
Weight: 12 kg


the Sigma is so engaging in what it does that we simply enjoy the music. An exceptional product, indeed!
Wotjek Pacuła

SUMMARY: As the new entry-level model in the Ayon Audio DAC lineup, the Sigma is not far from the flagship Stratos. The subtle differences I referred to earlier can be identified, but they are not obtrusive. This is a fantastic DAC that will not be out of place in the best audio systems I know. In most aspects, apart from the soundstage depth and bass differentiation, it sounds better and more convincing than my long-term reference Ancient Audio CD player.
The Sigma has a very deep low frequency extension, and the bass is energetic and well differentiated.

EXTNDED REVIEW: Life's easier for the big guys. Starting from kindergarten, through primary school and into the business world. And here we have the Ayon Audio Sigma DAC with preamplifier in for review, which is a culmination of years in design and engineering. And like with any other business, the principle also applies to the audio industry, including its passion-driven "audiophile" segment. Using the "mass scale" effect, big companies can offer products at a much lower price than small, specialized manufacturers. There are obviously downsides to this mass production approach. One of them being impersonal nature of the product such as found within the Ayon Audio Sigma DAC as reviewed here. On the other hand, the benefit of being the big guy is to have big money available. And big money translates, among other things, into more funds for investment and research. Hence, large consumer electronics companies are playing a vital role in bringing new and innovative solutions to the market. Let's not be naïve, they are the real driving force for this industry and it is their solutions that keep pushing it forward.

Perfectionist audio has a different role. Its objective is to refine and perfect what has been developed by those with the necessary financial resources, and to translate it to the "language" of audiophiles who insist on truth at any cost. And we are speaking here in the language of the absolute. Hi-fi and high-end audio has its comfortable and quiet niche, like tube amplifiers and turntables, long since abandoned by the mainstream consumer electronics industry. There are also areas where it needs to constantly keep up with the market leaders, especially in computer audio. Here competition is life-and-death and everyone is fighting to be first in line. Big audio companies, like Marantz, are more successful in that regard. But if you are a specialist in a given area, or can afford to hire such specialist, you can take on and outdo even the biggest guys. When Michal Jurewicz, the owner of Mytek Audio, told me that he was developing a DAC that accepts the DSD signal with quad sampling frequency – the upper limit currently used in the recording studios – it seemed to be an exaggeration. Any reasonable person would say that double rate, i.e. DSD128, is absolutely sufficient and that Mytek is still ahead of the game with its Stereo 192-DSD DAC. He turned out to be right. Just before I received the Ayon DAC, I finished a review of several systems with planar magnetic headphones, including the HA-1 headphone amplifier with USB DAC and the PM-1 headphones from Oppo. The HA-1 is currently the most advanced DAC on the market, accepting quad rate DSD (DSD256) and PCM DXD (32-bit/384kHz).

Ayon Audio from Austria is a company with a well-established tradition, which has built its reputation on high-end tube amplifiers and preamplifiers. When the time came, it started offering CD players. They were characteristically shaped top-loaders with a tube output stage. Nothing has since changed in this regard, except for one thing: all Ayon digital sources today come equipped with digital inputs, including USB. The company's lineup has also been extended to include D/A converters. At this moment, the company from the Austrian city of Gratkorn has three DAC models in its product lineup – the flagship Stratos, the less expensive Stealth and the newest and most affordable Sigma. The two former are the second generation products while the latter is an absolute novelty with no previous counterpart.


From the outside, all three units differ in certain details, such as Sigma's lack of an input selector and volume knob. They have slightly different dimensions of 48 x 42 x 11 cm, through 48 x 40 x 11 cm, to 48 x 36 x 11 cm in the case of the DAC under review today. They also differ in weight, tipping the scale at 17 kg, 16 kg and 12 kg, respectively. Nevertheless, looking at any of them there can be no shadow of doubt as to their origin. This, of course, has to do with their characteristic chassis made of thick black anodized aluminum plates and profiles, with rounded corners. Gerhard Hirt, Ayon Audio owner and chief designer, adds chrome knobs to his more expensive products. The enclosures are machined in company's own factory in Hong Kong, purchased by Gerhard a few years ago. Another common feature is a large red-illuminated front panel display screen. It shows information in two ways: on a dot-matrix display and via illuminated icons. The former shows the currently selected source and volume level. The icons inform the user about such details as the sampling frequency of the input signal (but not its word length) and its type – PCM or DSD. Flashing display indicates that the DAC is not synchronized with the source.

The Sigma is a D/A converter with built-in preamplifier. Since there is no information in the company literature whether it is an analog preamplifier, I assume that it uses digital volume control integrated in the DAC chip. It accepts PCM signal up to 32-bit and 192 kHz, and DSD64 and DSD128. I would normally add here that DSD is only supported via USB. However, Gerhard clearly seems to have a weak spot for this format, inherited – I presume – from his meetings and conversations with people involved in the recording studio and analog technology. My guess would be that the person who is in some way responsible for that is Dirk Sommer, the editor-in-chief of the German magazine HiFiStatement.net. The DSD signal can be, of course, fed in via USB, which is now standard. The Sigma adds to that a whole array of DSD-enabled inputs, including a RJ45 port, typically used for Ethernet and here used for DoP streaming, and BNC connector, which can both be used to stream the DSD signal from the Ayon NW-T network transport. But there is also a DSD interface on three BNC connectors, taken straight from the recording studio. The PCM signal can be sent through RCA and BNC coaxial inputs, XLR AES/EBU and optical TosLink inputs, as well as an I2S input on another RJ45 port. The latter is supported by both the NW-T and the CD-T transport.

The Sigma can be hooked up directly to a power amplifier as it has a preamplifier on board. The output signal on the XLR and RCA outputs can be set to "High" (+6 dB) or "Low" (0 dB), selectable by a toggle switch. Another toggle switch selects between "Normal" and "Direct Amp" analog output mode. The latter automatically brings the output level down to -40 dB on each power-on, which is useful to protect the power amp and speakers. If you do not use the pre-amplifier section, pressing an appropriate button on the remote control unit bypasses the attenuator circuit. There are two more switches, one per each channel, that are hidden at the bottom of the DAC case. They can be used for another 6 dB of gain reduction with high sensitivity power amplifiers, to eliminate hum and noise generated by the Sigma output tubes. The remote control unit itself is fairly typical for this manufacturer, with a metal top and plastic bottom. It is not particularly user friendly or best-looking, but one can get used to it. You better not lose it, though, as it is the only way to activate the upsampler (24-bit/192kHz) and choose between the two digital output filters. "Filter 1" is a slow roll-off filter with no phase shifting and pre-ringing; "Filter 2" is a classic brickwall-type filter with symmetrical oscillations or ringing before and after the transient.

The electronic circuit is mounted on three PCBs, separate for each section. The largest board houses the actual D/A converter with its power supply and a regulated DC filament supply for the output tubes. The tube output circuits, including analog filters and a gain stage, are mounted on two smaller boards. One of them also contains the plate voltage supply circuit using a rectifier tube. The USB interface is built on a small PCB, mounted to the main board. It sports an XMOS chip with two very nice quartz oscillators, thermally and mechanically compensated. They clock the output signal, separately for the 44.1 and 48 kHz sampling frequency families. The XMOS chip has its own clock oscillator. The DAC chip is ESS ES9018S Sabre32, recently very popular in inexpensive and very expensive converters. It is used here in an 8 mono to 2 stereo configuration, with four D/A converters per channel. The flagship Stratos sports two such chips for a 16 mono to 2 stereo configuration. The chip is clocked by another great looking clock oscillator, with fantastic Sanyo capacitors in its power supply.

The I/V conversion is performed by Burr Brown OPA2134 op-amps mounted in IC sockets. The circuit includes Wima polypropylene and Nichicon Fine Gold electrolytic capacitors. Right next to them are four very large Mundorf M-Cap Supreme polypropylene capacitors. The same capacitors are used in the tube output circuits. The latter employ the 6H30 ‘super tubes', first used by BAT and for some time imported exclusively by this American manufacturer. The rectifier tube sits in a classic ceramic socket but the output tubes are mounted in sockets from CMC, the same company whose beautiful RCA connectors can be seen on Sigma's rear panel. According to Ayon, the I/V conversion circuit and the gain stage are fully balanced, while the output is single ended. More expensive DAC designs use a fully balanced topology throughout. However, the XLR output is not just a gimmick. Gerhard has come up with a special tube circuit arrangement which allows the use of a single ended topology with balanced output.

The power supply uses a low-noise R-Core power transformer with several secondary windings. Tube rectification is on the 6Z3 diode manufactured in China. Separate power supplies and voltage regulators are used for plate and filament supplies, logic and DAC circuits as well as the input and output stages.

A Few Words From Ayon Audio
In 2005 many customers and distributors asked for an Ayon CD player with tube output stage. Well, we had a lot of experience with tube circuit design and power-driver stages and so on, but not so much with designing digital circuits. In 2006 we launched our first CD player. We basically took a Sony mechanism with its own Sony servo board, added a common D/A converter and thus the CD-1 was born. We didn't have any high expectations of this player.

We also had no idea that this was the beginning of a long digital journey for Ayon. The CD-1 became a big success around the world, with many great reviews and awards. This was the signal for Ayon to digital engineering and start in-house development for which we founded a kind of joint venture cooperation with Stream Unlimited in Vienna.

We started developing our second generation of CD players, including the CD-07, CD-1s, and CD-2.  We designed a new chassis, a new D/A converter, a new mechanism and output stage, the CD-1s had nothing to do anymore with the first generation CD-1. Then came the CD-5 and the Skylla, followed by the CD-07s, CD-1sc, CD-2s and CD-5s. In 2010 we introduced the S-3 network player, the first network player worldwide to feature a tube output stage, followed almost 2 years later by the S-5 reference network player and then the NW-T.

After 6.5 years of production of our Skylla D/A converter it was time to renew and expand the lineup with the new Stealth and Stratos, the first tube based D/A converters with DSD playback.At the end of 2013 we launched the third and latest generation of our CD-Players: the CD-1sx and CD-3sx, the first tube based CD players worldwide with a DSD-enabled D/A converter on board. In mid-2014 we are pleased to introduce the smaller brother of the Stealth and Stratos, the Sigma DAC. The Sigma is a breakthrough for Ayon and unique in its price range as it is also equipped with a DSD DAC and SE 6H30 output stage.

Our main goal has been to build a superb sounding tube DAC for around half the price of our famous Stealth DAC. It has been a very difficult project for Ayon because, on the one hand, we wanted to keep many advanced technologies from the Stealth DAC and, on the other hand, we were trying to lower the price as much as possible. 
.......... Gerhard Hirt - Ayon Audio Owner


In Karl Jaspers' philosophy, boundary situations (Ger. Grenzsituationen) are existential experiences that confound our certainties, stripping the world of its appearances. They enable us to read the ciphers of transcendence, which means to understand the meaning of everything, including the meaning of life. According to Jaspers, the boundary situations include abandonment, suffering and death. In order to make sense, that is to help us look behind the "veil of the world," they cannot be escaped by managing them with rationality and objective knowledge alone but have to be experienced. In other words, they require an active participation on our behalf.

Since Jaspers, the concept has been evolving and it is no longer so clearly defined or "sharp." A boundary situation now also includes experiences that change our point of view or our understanding of something, turning inside out the construct of the world as we understand it. And they do not necessarily need to be the basic existential experiences, like death. It may be any other memorable experience, I think.

It is not difficult to find such moments in our lives, filled with auditions and listening to music. The first and foremost is what can be called the "initiation" experience. It happens when, for the very first time, we listen to the music played back in a way that unlocks something new in us, opening up our eyes – metaphorically speaking – to the world of real music, not just some noise with melody and beat. A wonderful aspect of the initiatory experience is that it can be repeated, at an increasingly higher level, over our whole lifetime.

The reviewer is immune to such things. Daily listening to music on constantly changing audio products in various configurations, participating in music concerts and audio shows and meetings with friends kind of immunizes us, like a vaccine. Given all that, when we eventually do have this type of experience, it is always something.

I may have mentioned it somewhere, but let me repeat it here: I have recently heard twice the kind of sound that recalled my first-ever experience of this type, which happened when I walked into a music store, located in a seventeenth-century building at the Main Square in my home city of Krakow, Poland. The audio system was absolutely classic for that time: a CD player whose name I forget, a NAD 3020 amplifier and a pair of small monitors. But its sound moved me so much that I set out to eagerly look for something that would give at least half that "punch". Many years have since passed and my expectations have obviously changed. The upside is a change of my audio consciousness and sensibilities. The downside – the price I now need to pay for those dreams. My two recent boundary experiences have been the auditions of the dCS Vivaldi digital system and the TechDAS Air Force One turntable. After them, nothing has been the same.

The Vivaldi costs insane money and sounds insanely good. Its sound is my current reference. But it doesn't mean that nothing else "sounds" good to me anymore. One of the advantages of the "vaccination" I've mentioned earlier is the ability to evaluate audio products regardless of the price range involved. That's why my recent auditions of several excellent DACs bring nothing but fond memories and smile to my face. Each one of them had that special something that touched my heart and made me think that I could happily keep it. They were (in no particular order): the Accuphase DC901, the Meitner MA-1, the Thrax Dionysos and the Ayon Audio Stratos. The latter also comes with a great preamplifier on board, and has become a part of the audio system that has been built over the years by Tomek, one of the founders of the Krakow Sonic Society.

When I bumped into Gerhard Hirt during the High End 2014 show in Munich and after we gave each other a big hug, he showed me his two new products: the long-anticipated production version of the Spheris III preamplifier and a much more modest-looking box with a display screen on the front panel. "The Sigma may be my least expensive D/A converter, but you don't even realize how much it inherits from the Stratos that you have auditioned." Gerhard is not the kind of person who gets easily excited over anything. He works hard, does not sit still for a moment and wants to implement every new upgrade as soon as it is ready, without looking at the cost. Other companies often prefer not to change anything and keep selling a given model until they replace it with something completely new. I have a feeling that while Gerhard is an excellent businessman he does not calculate when it comes to the sound, but simply follows his heart.

Hence, I wasn't too much surprised that after hooking up the Sigma to my system, the sound was not very different from what I'd heard with the flagship Ayon DAC. I'm referring here to the sound on the coaxial input, with the signal fed from my Ancient Audio Lektor Air V-edition (with Philips CD-Pro2LF) used as a transport and the volume level set to "Max" in the Sigma. This is an important provision to which I will return later.

I have known digital components from Ayon Audio from the point "zero," in other words from the company's very first CD player and first USB input. They have been evolving incredibly fast and, in my personal opinion, heading in a good direction. The Sigma sound is saturated, slightly warm and dense. It is very resolving, but it's the kind of resolution that weaves the individual sounds together, instead of dissecting them. The latter used to be characteristic of high-end digital components for many years, which made many a music lover turn away from digital audio formats. I'm sure that if they had heard the Ayon DAC, they would have thought twice back then.

The thing that attracted me the most was the combination of fleshiness and resolution. These sonic aspects used to be attributed to analog recordings, with a special nod towards vinyl and now also towards DSD files (reel to reel tape is a whole different story). Here, it benefited literally each CD I auditioned. However, it was particularly striking when I listened to the album "Billie Holiday" from 1952, remastered and released on SHM-CD in Japan as part of the series "David Stone Martin 10 inch Collector's Selection". The sound was amazing and maintained a kind of "internal concord", characteristic of recordings before multi-track and multi-session era. Holiday's vocals were big and strong. Her accompanying band with Oscar Peterson and Ray Brown was perfectly audible. The same trick was repeated on Nina Simone's album "Silk & Soul" from 1967. The vocalist was shown close to me; her voice had a large volume and was very authentic. Both discs also feature tracks that are much brighter, with more distant and brightened vocals. The Ayon showed them nicely, although they were not so intimate. The more expensive DAC from the same company was capable of something more: by going deeper into the individual sounds it brought more music out of them. The Sigma was not as resolving and selective. It did things its own way, making the lesser quality recordings sound similar to each other and smoothing them out to the point where they are listenable.

It may also happen that we become fascinated with something else, right from the very beginning. When I was playing Kraftwerk's bootleg "Live on Radio Bremen" recorded in 1971, followed by Kenny Burrell's "Soul Call," I sunk into my sofa, on which I sit during the auditions, feeling fully relaxed. The Austrian DAC played both albums absolutely stress-free, bringing out the same transcendent quality of such different music. Transcendence in this case translated into calmness and suspension of disbelief. I could hear perfectly well that they were just recordings, but only when I wanted to hear it and when I paid attention to it. And it was not so easy to transition from holistic to analytic perception as the Sigma tends to provoke the listener to turn off the critical part of one's consciousness.

When you get used to it and are willing to hear it, you will notice that the sound is somewhat "made up." You will realize that it elicits a certain desired response. The Sigma does it mostly by means of slightly boosted upper bass and lower midrange. This always results in a closer foreground and larger volume. These are good changes. They have usually been associated with tube-based audio components, although the DAC under review is not a typical tube design. Today it is no longer a clear-cut distinction, and in a blind test many listeners would actually point to some solid state components as sounding tube-like. It can also be easily noticed in Sigma's sonic signature. So why am I talking about its great sound and what prevents me from pointing out this coloration?

To answer this question, I had to audition more albums and audio systems. I am not sure if my answer will be satisfactory to everyone. It is the only one I have, though, and I do not even look for another. In my opinion, the coloration is deliberate and has been well thought out. It is not to deceive anyone. On the contrary, it is an attempt to bring us even closer to music. The "hidden hero" of this sound is resolution. I know, I've already mentioned it. Except that now its role takes on a completely different meaning and becomes crucial.

I believe that over the years the high-end audio industry has been developing in the wrong direction. The quest for neutrality at all costs has been a curse. And equating low distortion with purity – in a "clinical" sense – has been really stupid. In my experience, the lower the distortion, the warmer the sound, the more "naturally velvety" and softer. Many speakers with ceramic and diamond as well as some metal drivers are a perfect example.

The most notorious distortion we face in digital audio systems is jitter. There are many types of jitter and we fight with them in various ways. Often, minimizing one type results in increasing another one – such is life. The reduction of jitter and of the total harmonic distortion have one thing in common: the lower they are, the more natural and denser the sound. And the more it takes on the characteristics of "diversity in unity." It means that there is more and more information that is increasingly better ordered. In the end, the sound can no longer be called "detailed," even though it has everything. And so it is with the sound of the Sigma. It is presented in one "package", without being artificially segmented into separate categories. It is up to us to decide if we want to focus on its individual aspects.

The tonal balance of the Sigma is shifted downwards and can be called "warm", bearing in mind everything I have said above. The upper treble is incredibly resonant and rich in nuances. The cymbals decay slightly faster, which results in a sense of intimacy and closeness to the sound. The recording venue's acoustics is denser and less differentiated, and the reverb added by the sound engineer is shorter than on the Accuphase DC-901 paired with my Ancient Audio Lektor. This is the price we pay for "presence." It is also worth paying attention to the low bass control in your system and in your listening room. The Sigma has a very deep low frequency extension, and the bass is energetic and well differentiated. But it is not as punctual and tight as on the Stratos or the Accuphase DC-901. It sounds more like the Meitner DAC or the Audio Research Reference CD9.

As the new entry-level model in the Ayon Audio DAC lineup, the Sigma is not far from the flagship Stratos. The subtle differences I referred to earlier can be identified, but they are not obtrusive. This is a fantastic DAC that will not be out of place in the best audio systems I know. In most aspects, apart from the soundstage depth and bass differentiation, it sounds better and more convincing than my long-term reference Ancient Audio CD player.

The above remarks are based on digital inputs using high-end external CD transport. The file player bit resolution is reduced, regardless of what kind of use of files. The USB input is very engaging and will give much joy to all users who play music from their computers, or use digital music players with a USB output, such as the Aurender. Tomek, who owns the Stratos, uses the Aurender X100L and the pairing is perfect. Still, I think that a good CD release played back on a quality CD player sounds more coherent and resolving. I know that this opinion does not make me very popular, but I cannot help saying what I really think. The only exception are DSD files. Too bad it's such a niche format, because native DSD files sound insanely good – calm, smooth and soft.

The biggest difference between the two Ayon DACs we are talking about is the sound from their USB input and the quality of their built-in preamplifier. The Stratos' preamp is so good that adding to the system the Polaris III, a two-piece flagship Ayonpreamplifier, brought only the kind of benefits that I could easily do without. In the case of the Sigma, an external preamplifier will improve the selectivity, resolution, liquidity and depth of sound. This is quite a lot. Having said that, taken on its own merits the built-in Sigma preamplifier is actually pretty good. It will not, however, replace a dedicated specialized preamplifier.


Ayon has this to say about the Sigma: "Full-featured D/A converter with a class-A triode vacuum-tube output stage." There is no specific mention of a preamplifier in its name. I think that Gerhard knows very well what he is doing. The DAC sounds so good on its fixed (non-volume controlled) output that once you buy it there will be no much sense upgrading to the Stratos, for example. Just add to it the Ayon CD-T transport and NW-T network transport (with a new firmware that supports DSD) and you will have a digital source for life. What you will need, though, is a quality preamplifier. If you do not fancy another component in your system and want to keep the character of the sound offered by the Sigma, you will need to buy the Stealth or the Stratos instead. A dense, deep and resolving sound – the Ayon is insanely good at that. The Stratos and the best DACs from other manufacturers are better at differentiating the bottom and top ends, showing them with more energy and focus. Nevertheless, the Sigma is so engaging in what it does that we forget the above and simply enjoy the music. An exceptional product, indeed!

Let’s cut to the chase: I like it so much that it deserves a very high position on my shortlist of favorite DACs. Highly recommended!

Conclusion: The Ayon Sigma sounds convincingly realistic, with excellent bass, a glorious and inviting midrange, impressive transparency and superbly airy treble. Soundstaging is deep and well-layered, and especially vocals occupy their own 3D space and sound extremely realistic. The beauty of the Ayon Sigma is that it presents music so naturally and convincingly that within minutes you forget to assess the sound and are just enjoying the music. Mind you it’s not a matter of so-so audiophile qualities coupled to a harmonic and musical presentation: when judged purely on a technical level this is also a superb DAC. 

EXTENDED REVIEW: Tube Seduction with technical precision
I’ve never been very tube oriented, but I have to admit that the glowing bottles are starting to grow on me since the Avant Gardes occupied my listening space along with a range of tube amps. I always thought of tubes as being problematic, sensitive and cumbersome. While some of this is true to some extent, they also tend to perform in certain ways that transistors have trouble matching.

As with all of the tube amps reviewed earlier, I was in the comfortable position of being able to loan the products from tube fanatic and listening buddy Jan Cramer, with no strings attached. While none of the tube poweramps listened to so far worked very well with the power hungry Apogee Diva magnetostatics, the Ayon Sigma DAC turns out to not only sound very good, but also to beat some solid state DACs that I rate very highly in several areas.

The situation with my system and preferences

Regular readers will know of my obsession with the solidity of bass, acoustically believable timbre and the airiness of treble. The first has to do with my speakers being full range ribbon dipoles, which need quite a bit of power and since I have so far been unable to find power amps that are more powerful than my Jeff Rowland model sixes while retaining all their virtues, I have been on a quest to maximise the sense of dynamic delivery in my system by all means possible, and as a result this has also confined me to the more powerful and sonorous sounding DACs such as classic Wadias. The need for acoustically believable timbre is another matter that probably ties in with my choice of speakers, ribbons typically having very low coloration and very high transparency, and that is why I prefer source components to bring some character to the table. The latter finally is more of a fetish than a necessity, ribbons typically being capable of superb treble air and my simply also wanting to hear this. The Sigma DAC was also returned a second time for another listen session after I purchased the Jeff Rowland Criterion preamp.

Ayon Sigma

Many DACs have come and gone, and while also not perfect (which component is?) Wadias have always had a certain synergy with my system, the 521 currently taking permanent residence. At 4000 euro, the Ayon is relatively affordable, that is, if you are used to typical classic Wadia/dCS kind of price tags. For me anyway it is amazing that this much technical perfection in such a smart well built encolosure can be obtained at such a price. Let me sum it up. Inputs: 1x Coax S/PDIF, 1x AES/EBU, 1x TosLink, 1x BNC, 1x USB (DSD compatible), 1x I2S, 1x DoP and 3x BNC for DSD. Outputs are both single ended cinch as well as balanced XLR. There’s an internal hardware PCM upsampler for CD sources to 24/192K which can be disabled, a Class A 6H30 triode tube output stage, tube rectifiers, 0dB negative feedback, DSD 5.6 128x capability, full function remote control and did I mention that large and super sturdy enclosure? The DAC has many more options such as variable volume that can be set to fixed, along with 2 gain settings, as well as a special gain reduction setting for lowering the tube output, and along with this their hiss, when connecting directly to very sensitive power amplifiers or using very sensitive speakers. In my implementation (via Jeff Rowland Concerto preamp) I never heard any noise. Gain was set to the same level as the Wadia, which is one step down from the maximum. The Sigma can output a whopping 10 volts if required!


The Ayon Sigma sounds convincingly realistic, with really excellent bass not only for a tube device but in a general sense (albeit not the Wadia kind), a glorious and inviting midrange, impressive transparency and airy treble second to none. Soundstaging is deep and well-layered, and especially vocals occupy their own 3D space with lots of air surrounding them in a fascinating manner. Singers really stand in front of the speakers in a very well-defined yet wholly natural manner and sound more convincingly real than I have heard from any other DAC so far. While the Ayon’s bass may not be as solid as the Wadia 521’s, it is also definitely not of the wooly or ill-defined kind and nicely fast and rhythmic, and I would consider it to be in line with many other solid state DACs.

Tick-tick-tick… that’s the sound of the list of my preferences being ticked. The one remaining area where I find the Wadia to be better, and not necessarily only in relation to my specific personal wish list, is its timbre. Although I can understand that some people will find the Wadia midbass/lower midrange to be coloured, I find that it provides a very believable portrayal of acoustic instruments, by joining the deep bass to the midrange in a continuous fashion. It is this area where I find the Ayon to stay slightly behind. Its midbass is well articulated, but a tiny bit thin and in my opinion could do with a smidgeon more body. I hasten to add that this effect is very subtle, and may not be meaningful in setups with dynamic speakers. Also, the DAC’s incredibly lifelike and involving midrange makes it very hard to focus on such technicalities. The beauty of the Ayon Sigma is that it presents music so naturally that you soon forget to assess the sound and start enjoying it. This is a quality that I’m more and more convinced is an inherent quality of tubes, and something that tubes seem to do quite effortlessly.

Filter 1 was used and upsampling was disabled. With Filter 2 the sound becomes a little tighter but also less “free-flowing”. Upsampling provides an even more airy and subtle sound, but the DAC really is not in need of further tweaking in these areas, and upsampling also makes the bass less solid, so for me the best option was to leave it off.


The Ayon’s USB input sounds great, and no, that is not a given. I’ve heard bad USB implementations on more than a few occasions, where the SP/DIF inputs sound musical (but maybe not technically perfect) and USB sounds technically perfect but not musically meaningful. For example this can occur when the USB input in reality is nothing more than a USB-SP/DIF converter rather than a circuit that extracts I2s to feed to the downstream components. Switching to USB the first time can be disconcerting though. There is a very loud and high-pitched tone/hiss that can last for many seconds while the DAC does the handshaking with the digital source. In my case this occurred with all three Music Servers that I had available. What’s more, the USB input seems to be disconnected each time a different input is chosen, and not all music servers are happy with that. If I understand the manual correctly, this is done to maximise sound quality, and ultimately there is no issue as long as USB is continuously selected.

Warm up time

One thing that must be taken into consideration is the Sigma’s need to warm up. Sure it will sound great right after switching it on, but you won’t hear the true extent of its soundtaging capabilities and it can sound a little thin and technical at start, compared to what it sounds like 30 minutes later that is.


The Ayon Sigma sounds convincingly realistic, with excellent bass, a glorious and inviting midrange, impressive transparency and superbly airy treble. Soundstaging is deep and well-layered, and especially vocals occupy their own 3D space and sound extremely realistic. The beauty of the Ayon Sigma is that it presents music so naturally and convincingly that within minutes you forget to assess the sound and are just enjoying the music. Mind you it’s not a matter of so-so audiophile qualities coupled to a harmonic and musical presentation: when judged purely on a technical level this is also a superb DAC. Let’s cut to the chase: I like it so much that it deserves a very high position on my shortlist of favorite DACs. Highly recommended!