The Roundhill Magnificent Seven ETF was off 1.1% on Tuesday to $49.13 and was on pace for its lowest close since Nov. 5, 2024–Election Day–when it closed at $48.46, according to Dow Jones Market Data. The ETF is now down 16% from its all-time closing high of $58.24 on Dec. 17.

One standout from the group–which includes Apple, Amazon.com, Microsoft, Meta Platforms, Nvidia, and Tesla–was Alphabet, which was actually rising 2.2% on Tuesday. Alphabet trades at 18.3 times earnings expected over the next 12 months, which is below its five-year average of 22.7 times and is lower than the price to earnings multiples of its Mag 7 peers. Investors could be taking advantage of the stock’s cheaper valuation in this uncertain environment.