No, the upgraded 500fps one will have a farther and more stable shot. Largely depends on ammo too, heavier (to a point) will always give a more accurate shot and better range because it'll be more stable. Lighter BBs will veer off earlier because they don't carry as much energy and will be more susceptable to denser air pockets (such as wind or even just air movement). Often times one of the best upgrades to get increased range is heavier BBs (like up to 0.30g.)
I guess a good analogy would be if I shoved you hard vs. shoving you not as hard, which would move you farther? Could be a bad analogy I suppose, but am trying to get this typed before I leave.