Latency recording Korg Modwave but not Yamaha MODX

Cubase Elements 12, Windows 10, Steinberg UR-22II audio interface. Recording audio from Korg Modwave synth’s arpeggiator (external clock from Cubase), I find that the audio is in perfect sync when the Modwave is connected to my audio mixer. When I connect it into the interface and record the arpeggiator (from a quantised MIDI track) as an audio track, it’s audibly delayed from the Cubase click. I compared it with a similar arpeggiator from the MODX with the same connection, and that is perfectly in sync. Cubase’s Studio Setup Control Panel is set to Low Latency.

What might I be doing wrong?