In my opinion when people compare analog to digital they are often missing frequency extension and clarity, this is clearly cartridge responsibility and stylus profile is the most important along with the cantilever. It is more complicated, but in general a high compliance and light moving mass is a benefit. You can upgrade everything, but cartridge is first and only component that actually touch your record, it depends how you can extract music from the grooves and this is all about cartridge and stylus.
A close friend of mine replaced his Ortofon M2 Red on similar turntable with Stanton 881s mk2 and he was shocked. It was $350 cartridge with Stereohedron stylus, it’s equal to Pickering XSV-3000 model. These are the best for the money. Interesting that Pickering even made a version of the same cartridge with slightly lower compliance for mid mass tonearms, the model number was XSV-3000SP.
To keep the price low, but not to miss exotic cantilevers and best ever diamonds, you’d be better with vintage MM or MI. Seriously, you can’t get anything like that today at the same price. Another cartridge withing your budget can be AT-ML150 OCC with Beryllium cantilever and MicroLine stylus tip, modern Audio-Technica cartridges does not have beryllium cantilevers anymore.
P.S. You can’t improve the sound of the cheap Ortofon M2 Red cartridge playin’ with settings, the stylus of this cartridge is less sensitive to settings, It’s conventional Elliptical profile. Also this cartridge is pre-installed by Pro-Ject and everything must be already "perfect" since the manufacturer decided to use this cartridge on their tonearm. Do not waste your time. Different settings will give you almost nothing, but a better cartridge will be huge improvement for sure.
A close friend of mine replaced his Ortofon M2 Red on similar turntable with Stanton 881s mk2 and he was shocked. It was $350 cartridge with Stereohedron stylus, it’s equal to Pickering XSV-3000 model. These are the best for the money. Interesting that Pickering even made a version of the same cartridge with slightly lower compliance for mid mass tonearms, the model number was XSV-3000SP.
To keep the price low, but not to miss exotic cantilevers and best ever diamonds, you’d be better with vintage MM or MI. Seriously, you can’t get anything like that today at the same price. Another cartridge withing your budget can be AT-ML150 OCC with Beryllium cantilever and MicroLine stylus tip, modern Audio-Technica cartridges does not have beryllium cantilevers anymore.
P.S. You can’t improve the sound of the cheap Ortofon M2 Red cartridge playin’ with settings, the stylus of this cartridge is less sensitive to settings, It’s conventional Elliptical profile. Also this cartridge is pre-installed by Pro-Ject and everything must be already "perfect" since the manufacturer decided to use this cartridge on their tonearm. Do not waste your time. Different settings will give you almost nothing, but a better cartridge will be huge improvement for sure.