Pellets slow down in flight, due to friction with the air. Denser pellets retain speed better. So, the denser pellet will be traveling faster downrange than the less dense pellet, given the same muzzle velocity. That is why lead kills farther from the gun than steel, and why tungsten kills farther than lead.

I don't sell tungsten and I don't care if anyone buys it.

Caution: Hunting and fishing stories told here. Protective footgear may be required.