This document compares the Modular Multilevel DC Converter (M2DC) and the Dual-Active Bridge Converter (DAB) for power conversion applications in high-voltage DC (HVDC) and medium-voltage DC (MVDC) grids. It examines three scenarios: a 15 MW converter connecting an HVDC grid to an MVDC grid, a gigawatt converter connecting an offshore wind farm's MVDC collector grid to an HVDC transmission grid, and a converter controlling power flow between two HVDC grids. The operation and design of the M2DC is analyzed in detail. The M2DC and DAB converters are thoroughly compared in terms of efficiency, semiconductor requirements, and costs of capacitors and magnetic components