New DAC issues

I have been on a steady system upgrade path over the last year and one of the last pieces to be updated is my DAC, a Schiit Gungnir Multibit. I have no complaints with it, but I am always in search of more and better. The majority of my upgrades have been a big success.

I recently purchased a new DAC that shall remain unnamed, I don't want to throw it and the builder under the bus, but it is about a 5x multiple in cost over the Gungnir. I have had the new DAC for four days now, and I have been playing it continuously. When I installed it, I simply unplugged the other DAC and substituted this one, so minimal change. Initial impressions were that it sounded pretty lean and the soundstage was not great, but I figured it would sound better after warming up. There has been some improvement, but it is not significant.

Playing music with the Gungnir in place, bass was plentiful without being overbearing, and very clean. With the new DAC, bass is almost an afterthought. The Gungnir presented a beautiful soundstage and my speakers disappeared. The new DAC presents a good center image, though smaller than the Gungnir, and the speakers are pretty apparent on most tracks. In general, the magic is gone from the music, there is detail in the mids and highs, but not a lot of life.

I expected a different sound of course, but I cannot imagine that this is the way a DAC at this level is supposed to sound. I think that the Gungnir is considered a warmer DAC, but the contrast in this case is extreme. I am wondering if there is either an issue with the unit or somehow a mismatch with my gear. It provides a 3V output vs the Gungnir's 4V, which may make it a little less lively, but 3V is not out of the ordinary.

The rest of my systems is Pass XP-12 -> Coda #8 -> KEF Reference 1. I am in between streamers right now and using my DigiOne/Pi with LPS over RCA SP/DIF. One could question the streamer, but it sounds great with the Gungnir. I had an Aurender N10, but I did not get along with the Conductor software and now have an Innuos Zenith on the way. Connections are all balanced with Wireworld Eclipse 8's, Acoustic Zen speaker cables and an Acoustic Zen digital cable. Power is dedicated and runs through a Furman Elite 20.

I listen mostly to jazz and lower levels and I have always had a full sound, however with the new DAC the system is no longer engaging. Thoughts? Can a DAC just be incredibly lean?