Speaking from a long-term experience with PCM and DSD converted to PCM, I must say that the only way of approaching Analog is with DSD.
Both PCM and DSD are fine in the digital domain, and both have their problems when it comes to converting them to analog. But, for example, DSD can be converted to analog with a simple Low Pass Filter. Please do not try this with PCM.
Simply, to me, DSD is Analog and PCM is Digital. And this how these formats compare when it comes to sound quality.
Above said, you really need a real PCM D/A converter and a real DSD D/A converter in order to truly compare the two formats. Anything else will not do a justice, IMO.
To have a better example, between DSD and PCM conversion to Analog, you cannot use a microphone preamp with vinyl, and the other way around.
Just my 2 cents, as usual. :-)
Best wishes,
Alex Peychev
APL Hi-Fi