According to an embodiment, a digital-to-analog converter may be provided. The digital-to-analog converter may include a resistive ladder network including a plurality of paths corresponding to bit currents, respectively. The digital-to-analog converter may include a switching circuit configured to include a plurality of weighted elements respectively coupled to the paths. The digital-to-analog converter may include a reference voltage setting circuit coupled to the weighted elements and the paths, and configured to minimize a variation of threshold voltages of the weighted elements.