This guide has two picks, not three. The budget slot used to hold a FiiO E10K-TC, which is out of stock in our catalog, and we do not currently carry another desktop DAC/amp under it that we would recommend. The class options at that price are the FiiO K11 and the Schiit Modi and Magni stack, and neither is in our catalog, so neither is ranked here. We would rather say that than fill the slot.
Of the two we do carry, buy for your hardest headphone. The K5 Pro is the only one here rated at 1.5W into 32 ohms with a three-position gain switch, which is what a 250 or 300 ohm headphone actually needs, and it takes optical and coaxial as well as USB so it can sit under a TV or a console. The Qudelix-5K is the pick if you mostly run IEMs and easy loads: battery powered, balanced output, LDAC, and a 20-band parametric EQ that will change what you hear more than any DAC swap will.
Basis: rated power output, gain structure and codec support from the manufacturers, plus owner reviews. We have not listened to these. Ratings score each product on the merits with price left out, so the premium pick always sits highest. The tier tells you where a pick sits on price, not how good it is.