Maybe you have an older version? Dunno. I haven't updated XMPlay in months.
As I said, it sounds EXACTLY as the original MOD. Let's also remember the original MOD has 8-bit samples at lower samplerate than 44100, so recording like this is plenty more than what the MOD can really handle.
If you got a particular module you want me to test convert, pass it along and i'll convert it to WAV for you and you can see if there are differences.