I guess I am ready to post a comparison between Fiio Q5 + AM3D THX AAA module vs E1DA 9038S. Stock module of Fiio Q5 AM3A is not being compared due to the hassles and difficulty (screwing-unscrewing) to switch between modules.
PDV2 is left out from this comparison because IMO the application for PDV2 is different from those of Q5 and 9038S. PDV2 is more suited for stationary desk use while Q5/9038S can be portable with mobile.
IEMs:
Audiosense T800 8BA stock tips, Nicehck 8 core copper cable. TinHiFi P1 planar.
Mostly T800 is used for this comparison. Regardless Q5 or 9038S, P1's bass sound enamic and rolled off. Hence P1 stays with PDV2, where pEQ from HPToy app can bring it up to enjoyable level. T800 has Harman tuning and I find it not needing EQ, for me. Stock tips, stock filters are used, personal preference after trying multiple tips and filters.
Source:
Android Tidal HiFi/Masters & Spotify. Stock app is used. PC/Mac as Hi-res sources are left out due to the portable nature of Q5/9038S.
I also use UAPP bit perfect mode to stream true 24/96 Tidal MQA Masters but due to lack of volume control present on 9038S, full volume output will destroy my ears/T800. Hence I resort to stock app to regain volume control.
Song list, including but not limited to:
The Who - Behind Blue Eyes
Sabrina Claudia - Truth Is
Led Zepplin - Stairway To Heaven
Thibaut Garcia - La Catedral III Allergo Solumne
Tsai Ching - The Ferry
Faye Wong - Tian Kong (Sky)
Size: ✔ 9038S
There is no doubt about this. Without battery, the USB thumb drive sized 9038S wins hands down. Current generation of 9038S allows single cable operation without Y splitter hence it is great to be attached to a phone to replace the long gone headphone jack!
Features: ✔ Fiio Q5 THX
Zero doubt. Hands down, Q5 THX wins. By having larger size, Q5 has multiple inputs (USB/Coax/Opt/Line in/BT) and multiple output (3.5mm lineout/3.5mm SE HP out/4.4mm BAL out). Q5 also has hi/low gain and bass boost switch, while 9038S only gives you USB input and 2.5mm BAL output.
One caveat: Q5 tends to rob source device's battery by forcing back charging, unless special DAC USB cable with no power wire is used.
I tested 9038S battery drain from my phone when I was on a 50min flight, it took away around 10% charge from my OnePlus 5. then again please take my words with a grain of salt as my OnePlus 5 is 2 years old and its battery has definitely degraded, IMO.
Sound Quality:
DIsclaimer: These two are so close in SQ comparison it is scary. What I will be stating below are in comparison terms, by no means they represents the true meaning of the words I use. Again, they both are scary close.
Bass: ✔ 9038S
There is more 'boom' and more 'surrounding' feeling from 9038S's bass. While Q5 THX's bass feels 'faster' and more 'analytical', and 'a step backwards' compared to 9038S.
mids/vocals: ✔ Fiio Q5 THX
Both have really nicely presented mids and vocals. I can tell vocals are a small step forward in Q5 THX compared to 9038S. 'Clear' will be the word i use here. In comparison 9038S is a little 'veiled' but really, 'veiled' is NOT a term to describe 9038S.
Highs/treble: ✔ Fiio Q5 THX
I feel there is more 'air' presenting from Q5 THX for female sopranos and hi hats etc.
Others:
Resolution and instruments seperation are slightly better with Q5 THX IMO. Not like 9038S is all muddy, I just feel Q5 THX gets the very slightest edge. Soundstage wise ... it is difficult for me to tell. I think, IEMs don't really give much soundstage in comparison to full sized open headphones, the feeling is still quite 'in your head' regardless which DAC used. Q5 THX gives an 'airy' feeling to the stage while 9038S' stage sounds more 'surrounding' and more 'engaging' with its fuller bass.
Conclusion:
So which one do I choose?
If I know I will move, but will be stationary when I am listening to music, I will be choosing Fiio Q5 THX. Occasionally BT feature is really awesome to have when you want less cables dangling around! I just wish it has LDAC like Q5S.
If I know I will be on the move from places to places (eg trains, buses etc), with music playing from my pocket, I will be choosing 9038S. IMO, both are keeper.
I feel surprised and at the same time i feel scary how a $70+ DAC can be so close to a $500+ portable setup. Do I think I am getting a lot more for paying for the $500+ Fiio Q5 THX? Honestly.... not really....! I am 100% sure if this A/B comparison was done blinded, I would 100% fail to differentiate and identify them. That is how close they both are. Applause to E1DA for managing to produce such high quality device at such reasonable price!
I have spoken to another fellow enthusiast who also owns Q5 THX + 9038S but he pairs them with Fearless Roland. He claims 9038S is superior in driving his Roland (?!?!?!). so... The above impression/comparison you just read is completely subjective as no blinded test was conducted, and I can be totally influenced by prejudicial perceptions, please keep that in mind.