If two bullets of the same caliber, construction and design are compared with the only difference being weight the heavier bullet is the one you want to shoot at extreme range because it will have the highest BC and best performance in the end.
Some of the specialty bullets can have higher BC's than comparable weight bullets from the major companies. I have been testing some of these the past year in 6.5, 30 and 338 calibers. Some bullets I now shoot regularly are a .6 BC 180 grain 30 cal, .64 BC 225 grain 338 cal and a .76 BC 260 grain 338 cal. Specialty bullets are expensive but can give great performance for a guy looking for a top end hunting load. The lighter bullets that retain high BC's such as these can give an advantage out to a certain distance with the velocity they can be driven at. But then as you go higher in weight with these bullets the same laws still work and the BC increases and the heavier bullet still wins. For some reason the ones I am shooting are faster than the same weight lead core bullets giving me an extra advantage when shooting these.
When Barnes started coming out with some heavy high BC bullets me and fiftydriver on here and I am sure others found that the BC was higher than listed on some and equal to heavier lead core bullets. At the SHOT show I talked to Barnes about this at length and they were also finding that there actual BC's were higher than published. They have now set up doppler radar on their range and have the capability to determine BC's exactly at any velocity or range. That will be interesting. Some of their BC's will change in the future. But again as those bullets get heavier the BC gets higher. It is just higher at the same weight as some other companies.
The issue with monometal alloy bullets that can give high BC's at lighter weights than lead core bullets is the length of the bullet which requires a faster than normal twist. This is because the alloys are lighter than lead. That is the reason companies such as Barnes can not introduce bullets as heavy as some lead core bullets. They will not shoot in factory twist rifles. A 168 grain 7mm bullet, 200 grain 30 cal and the 265 grain 338 bullets are examples. That is as heavy as they can go and stabilize them with normal twist barrels.
So, to answer your question there are some bullets that shoot the same BC at a lighter weight than others. But at the same time increase the weight of those bullets and the BC increases also. A good example is the 260 grain 338 cal bullet I am now testing. It has virtually the same BC and is quite a bit longer than the 300 grain SMK however I can drive it 250 fps faster. In that case the lighter 260 grain is the bullet to shoot since it has the same BC however much better ballistics at 250 fps faster than the 300 SMK.