A recent observation of the Orion Nebula Cluster with the ACIS instrument on board the Chandra X-Ray Observatory detected 1075 sources, 525 of which are pre-main-sequence (PMS) stars with measured bulk properties such as bolometric luminosities, masses, ages, and disk indicators. Nearly half of these stars have photometrically measured rotational periods. This provides a uniquely large and well-defined sample to study the dependence of magnetic activity on bulk properties for stars descending the Hayashi tracks. The following results are obtained: (1) X-ray luminosities Lt in the 0.5-8 keV band are strongly correlated with bolometric luminosity, with average ratio log L_t/L_(bol) = -3.8 for stars with masses 0.7 < M < 2 M_☉, an order of mag...