It really depends on the class honestly and how well geared you are, the best dps in the game right now is a stam DK but you need to be nearly perfectly geared for it to be good. Before you have the right malestrom weapons for it a magicka DK will out dps stam all day, with the weapons its really no contest.

Why bother if this changes with every patch
Atm stamblade seems to output the highest sustained dps and magplar has the highest burst dps, you can achieve good results with any race/class combination. Having both in your groups is nice, a magblade to support the healers with strong offheals, some stam chars so that the magicka users don't fight over orbs..

I am khajiit, and magica puts me at a disadvantage.

If you dont have maelstorm weapons the stronger one is clearly magicka. If you have BiS gear it varies from class to class.

Depends on my mood if I want to play my stamplar or magplar. Or my stamDK or magDK. You get the picture.