Here's my theory...
I think the larger bores with the heavier bullets might carry the energy farther out, but they also move slightly slower from the get-go, and with a much larger overall mass and more bulbous shape, would lose velocity a great deal faster, which is why you need so much powder and a such a large case capacity for them to be efficient at such long ranges......
Wouldn't a faster moving bullet that weighs less, and has a more aerodynamic profile, follow a better trajectory to the same target at the same distance, which in turn, even though it is a lighter bullet, will expel the same amount of energy, based on the higher velocity it maintains as it reaches the intended target, as compared to a larger, slower moving projectile with a rapidly decreasing velocity?
These are just thoughts I have, and I would love to hear everyone's opinion on them.