Keith Luckhurst in an article he wrote on loading for the 404 had this to say when comparing the trajectory of the 404 against a couple of other well used cartridges in Africa.

KL - For interest I have used a computer programme to calculate the trajectory figures for my reloads at 2280 feet per second from 0 to 250m. By way of comparison I ran the ballistics for a .458 Magnum 500 grain bullet at 2090 feet per second and a .375 Magnum, 300 grain bullet at 2550 feet per second, all sighted in at 100 metres. The trace of the .4l6 Rigby would have been identical to that of the .404 and so is not included. As can be seen on the graph, at 250 metres the .375 Magnum has dropped 11 inches, the .404 has dropped 13 inches and the .458 has dropped 18 inches. But at 150 metres there is a spread of only 1" between these calibres and at 200 metres it is 4". Most gun writers would describe the .375 Magnum as flat shooting and the descriptions of the .458 tend to include words like "rainbow trajectory". In reality the point of aim for any of the rifles is virtually the same out to 150 metres.