I have two Utopias (one with standard pads, one with clear pads) and therefore need two headphone cables for the Utopias. One is a Moon Black Dragon Premium cable, the other is a Danacable Lazuli Reference, which I was very lucky to buy in good used condition a few weeks ago. Both sound considerably better than the standard cable, imho. Both are much more resolving and offer better dynamics than the stock cable, without sounding too analytical or even harsh. Their tonality is very similar. The Black Dragon has just a bit more emphasis on the upper mids / lower treble, but this is rather subtle. The Lazuli Reference is the most expensive, but also the best headphone cable that I ever owned. What does it better compared to the Black Dragon? The Lazuli Reference offers the larger soundstage (deeper, more 3D like), its bass digs a bit deeper (compared to a slight mid-bass emphasis of the Black Dragon) and sounds more laid-back, without being too laid-back. The synergy of this cable with the Utopia (and Chord Dave) is amazing. There is absolutely nothing with this cable that I would like to be different. With Chord Dave and Utopia, the Lazuli Reference is definitely worth its price, imo. With the Hugo 2 it is a much closer call, imo. I personally would not spend for a cable half of the amount that your DAC/Amp costs. There may well be a better use for this amount now or in the future. Maybe start saving for Dave or Blu2? But in this case you would need the Lazuli anyway.
So, if you want to have the absolute best cable, the Lazuli Reference is it. If you should afford is a different story. Hope that helps.