This Stereophile AES J-test includes a very high level signal mixed with a LSB (smallest signal) and is a great test for interface jitter and any modulation distortion.
Ex 1. Benchmark DAC3 HGC, high-resolution jitter spectrum of analog output signal, 11.025kHz at –6dBFS, sampled at 44.1kHz with LSB toggled at 229Hz: 24-bit TosLink data (left channel blue, right red). Center frequency of trace, 11.025kHz; frequency range, ±3.5kHz.
https://www.stereophile.com/images/1117BDAC3fig11.jpg
There is no jitter (spurious signal) visible above -150 dbfs noise floor on the analog output. This means there is excellent interface jitter rejection.
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Ex 2. Schiit Yggdrasil, high-resolution jitter spectrum of analog output signal, 11.025kHz at –6dBFS, sampled at 44.1kHz with LSB toggled at 229Hz: 24-bit USB data (left channel blue, right red). Center frequency of trace, 11.025kHz; frequency range, ±3.5kHz.
https://www.stereophile.com/images/217Schiitfig12.jpg
There is jitter (lots of low level spurious signal at very specific tones).... probably inaudible but it is there.
But which sounds better? :)