 They often compete in the Metropolitan Classic against their longtime rival, Santiago Morning.In addition, they compete in a championship called de la Chilenidad, where they face off against another rival team, Colo-Colo.

Magallanes is ranked sixth for national titles in the Premier Division, tying Everton de Viña del Mar and Audax Italiano, with four each.They have been the runner up behind Colo-Colo, Universidad de Chile, Universidad Católica, Cobreloa and Unión Española.