Either will drop elk. The factor to consider is will you have long shots. Where I hunt Montana , the elk go to cover when the hunters enter their areas. Had only one shot at 300 yards after the shootin started,all others under 200. Also ,there are Griz where we hunt so the 375 would feel better to have along.
When all said and done an arrow will kill em and with todays bullets [ I use only Nosler Accurbonds now,earlier used partitions] an elk will go down fast with either round you have selected.