John Atkinson's 'WOW!' (more than once) to his measurement results from the Vivaldi DAC prompted me to have a closer look at how it does for noise modulation.

The AP's FFTs shown don't come with details about the number of points in the FFTs, so noise estimates are a tiny bit tricky. However there is enough detail to make some reasonable estimates.

I've attached the plot from which I'm making my estimates - if anyone notices I've made a slip-up, please do comment and correct me.

The red line shows white noise at peak level of -4dBfs. I generated white noise in Audacity at this level to compare - with the maximum 16k point FFT and BH windowing, I got the same level of noise as on this plot - -42dBfs in 22kHz bandwidth. That suggests to me that the FFT shown has 64k points.

Another way to estimate the noise is by looking at the difference between the blue plot (19.1kHz, 0dBfs) grass and the red. To my eye, the difference in level is 76dBr...