What takes more total elapsed time? Torrenting sequentially or torrenting simultaneously?

For the sake of this question, let’s say that I have five torrents that I want to download. Each of them is 500 megabytes.

Also for the sake of this question, let’s assume that my cable modem connection is 120 M down (up isn’t really relevant). I am not limiting bandwidth. I am using a VPN, but that doesn’t seem to make an appreciable dent in download speed.

uTorrent seems to split the allotted bandwidth by the number of simultaneous torrents. Meaning that while I can have several running at the same time, each will get a smaller percentage of the total bandwidth.

The question:

I want to download these files as quickly as possible.

Will the total (gross) time elapsed be greater if I do each file individually (and get full bandwidth for each download), or will it be greater if I do all five simultaneously?

[My gut feel is that sequentially will take longer, but not by much.]

Ideas?