I’m siding with @astelmaszek. I heard both using a variety of headphones, mostly Audeze LCD 3 and Focal Clear.
The Luxman was smooth but not nearly as dynamic as the Chord Qutest. I was very impressed by the Chord - my main gripes were really only the flimsy power supply/connecter, the limited input types (SPDIF via BNC and USB, but not AES or even RCA SPDIF input), and lack of balanced outputs. I think the DAC is identical to the Hugo 2 but without the headphone section, so the only reason to buy a Hugo 2 over the Qutest seems to be to bundle a headphone amp.
The Luxman was smooth but not nearly as dynamic as the Chord Qutest. I was very impressed by the Chord - my main gripes were really only the flimsy power supply/connecter, the limited input types (SPDIF via BNC and USB, but not AES or even RCA SPDIF input), and lack of balanced outputs. I think the DAC is identical to the Hugo 2 but without the headphone section, so the only reason to buy a Hugo 2 over the Qutest seems to be to bundle a headphone amp.