Reply to Track volume is lower after editing a track and rendered as audio

Hi guys,

I'm encountering something which I can't really get my head around. I'm editing a few tracks in Ableton. After I'm done I make sure that my levels are as loud as possible, without clipping the master signal (no compressors/limiters are used). When rendering to audio I have normalize set to off. When I load both the original track and the edited track into Traktor, I can see that the original track is much louder (bigger waveform) than the edited track. Why is this and how can I resolve this?

Thanks in advance.