The sig and magnum loadings are pretty much the same in fps. But, the magnum has been down loaded a long time ago. I've read (and seen it in reloading manuals) that the original spec for the .357 was a 158 at 1,500. Now adays, you'll find em at about 1250. The defense stuff is often a 125 JHP at about 1250-1300, or there abouts. 1,500 fps is tough to control.
As mentioned, they are about the same...as loaded. But, if you want to hunt, there is a big dif to be had by reloading or by buying Corbon (a 125 at 1,400) or Buffalo bullets (a 180 at 1,400).
http://www.buffalobore.com/index.php?l=product_list&c=20
http://www.shopcorbon.com/CORandregBON-Hunter/300/300/dept
BTW, they also make good sig ammo.
In addition, you can shoot reduced .38s in a magnum.
So, for general use...the magnum has it beat. For volume of protection, the sig gets the nod. For the best bullet, on the target (most fps)...magnum (how many guys are you plannning on shooting, more that 4? After, that, they are going to have lead on you and it won't matter how many bullets that you have in the gun). For 2 out of 3 catagories, magnum wins it.
Let me tell you a secret...the three five seven magnum is heap big medicine and very tough to beat.