The differential full-scale input of the AD1938 is specified as 1.9Vrms.
The signal level measured between the pins is considered to be approximately 5.37Vp-p when converted to peak-to-peak voltage.
(In the case of the AD1938 CODEC, the amplitude oscillates at ±1.34V around a common mode voltage of 1.5V.)
Since the reference voltage is 1.5V, Δ2.68 (1.34V x 2) > 1.5V, but does the AD1938 process the analog input by dividing it in half internally?