It’s been less Mag 7 and more Lag 7 when it comes to the group of megacap stocks this year. It looks like that hasn’t changed even after its best three-day rally of the year.

Hopes were high after the Roundhill Magnificent Seven exchange-traded fund gained 6% for the three trading days ending March 25, its best three-day streak since Nov. 8, according to Dow Jones Market Data. The S&P 500 is up 1.9% over the same period as the broader market has staged a partial comeback after recent selling.

The stocks are still having a bad year— Apple and Nvidia are down more than 10%, Alphabet has fallen 9%, and Microsoft and Amazon are off 6%. Tesla has been the worst hit, falling 29% in 2025, while Meta Platforms is the best performer climbing 7%.

Not everyone believed the rally. Catalyst Funds portfolio manager Charles Ashley, for one, sees too much uncertainty around the group, warning that it may not yet be time to buy the stocks. “I’m cautious on the Mag 7 right now,” he wrote in a note Tuesday. “I’m not bearish on them but I think there could be a better point in terms of the price level.

He’s waiting to see what President Donald Trump decides to do on tariffs before making a call. “Once we get clarity in the markets, it might present a pretty good buying opportunity,” he added.

Until then.