What are you pointing the SM58 at?
If you think that it is pretty much the same with or without the dbx286 and assuming you are tracking/capturing at reasonable levels then I'd try to figure out if you are pointing it in the direction of something that includes hiss.
So, what are you pointing the SM58 at?
and
Are you setting your analog input gain (on the DBX286 or the M-Audio) so that the the recorded tracks peak some where in between -20dBFS? and -6dBFS?
and
Are you using the "pad" on the M Audio Pro? If you are and you don't actually need to... it will add hiss.
best regards,
mike