If you launch both bullets at the same exact velocity (assuming the same style bullet) then the heavier bullet will shoot flatter and have less wind drift than the lighter weight bullet. Due to it being more resistant to friction it will retain velocity better and will arrive at the target before the lighter weight bullet will.

For example look at how 150 and 180 grain Hornady SST's will compare at 500 yards. Launched at 2800 fps, zeroed at 200 yards.

150 grain...
Time in flight - .666 seconds
Wind drift - 22.9 inches
Bullet drop -47.5 inches

180 grain...
Time in Flight - .645 seconds
Wind drift - 19.2 inches
Bullet drop - -44.6 inches