Using optical toslink on the card basically negates any advantage you'd have of using the card. The speakers are now converting the digital signal into analog audio out, bypassing the lovely DAC's you paid $200 for. I would go back to the analog cables right away, also, the built in Dolby software that comes with the Phoebus drivers can take stereo and upmix it. If you go between the connections (optical and analog) you will notice, albeit very minute, that the sound is cleaner with analog. I have the speakers you have (Z906) and have tried both, granted now I upgraded, sold my Xonar and bought a Sound Blaster ZXR...
Asus G20CB - Core i7 6700, Nvidia GTX980, 16GB Ram, 256GB SK Hynix SSD, 1TB Samsung SSD.