I think it is important to manage expectations when it comes to budget projectors and HDR images. At this level of the market, it is difficult to get enough brightness to add the same type of dynamic range impact you get with LCD and OLED TV screens. Those are direct-view devices that are capable of high brightness images that can recreate the HDR intended look. A projected image is a reflective image and is always dimmer and less dynamic that TVs, which makes effective HDR images very difficult to replicate. Even expensive laser-based projector models struggle to really show HDR with bright and specular highlights.
The BenQ W5700 is not a very bright projector and as such, it needs to be used within a dedicated cinema room with no ambient light to get the very best out of the image. Taking measurements we positioned the W5700 our usual projection distance of 13ft from our screen surface, which is a Screen Excellence Enlightor 4K. We also measured at no zoom and full zoom lengths at this distance. Peak brightness in the HDR10 picture mode was measured at 49 nits with no zoom applied and 38 nits on full zoom, which are low for HDR images. The contrast ratio figures with the dynamic iris in use were 1355:1 with no zoom and 861:1 on full zoom with 1132:1 and 687:1 respectively with the DI switched off and the wide colour gamut filter was not used.”