Depending what's you consider being equal is ?
A 440 and 512 making max power at say 6500 rpm yes the 512 will make more hp but will need more head flow $$ than the 440 will. But ultimately it's air flow that's the difference there the 440 will be flowing less fuel and air through the engine at 6500 than the 512. But spin the 440 up to 7500 and they have the same potential. I think of an engine in dynamic displacement which is a running engine, Static displacement is a non running engine.
(512 × 6500 ) ÷2 = 1,664,000
(440 × 7500) ÷2= 1,650,000
At the same VE is a equal amount of air being pumped through each engine.
