My only comparison in this regard would be the Audeze LCD-i4 to the LCD-5. Both the TOTL that Audeze offers. To me, the LCD-5 absolutely demolishes the i4 but it is also almost twice the price. I would say that comparing the i4 to other sub $2K headphones and it is much more of a competition but I still think even an Arya Stealth still wins out. It is worth noting that the i4 is certainly a special case when it comes to IEMs though as it is open back and actually gives real soundstage and completely bests every other IEM I have heard. So while I haven't heard the Monarch MK2, I get the feeling that the gap is even wider.

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I feel like IEMs really shine in the sub $300 category.