That's not exactly what the 5W and 15W mean, they too are viscosity.
A 5w-40 acts like a 5 weight oil when cold and a 40 weight oil when hot, and will pour a HECK of a lot colder than 5°.
Oil viscosities are often referenced at 40°C and 100°C, and on the same scale cSt.
So lets look at 3 oils.
15W-40 Valvoline Premium Blue Conventional Oil has a 100°C viscosity of 15.1, a 40°C viscosity of 118, and a pour point of -30°C.
15w-40 Amsoil DME Synthetic Oil has a 100°C viscosity of 15.6, a 40°C viscosity of 112.4, and a pour point of -40°C.
5w-40 Amsoil DME Synthetic Oil has a 100°C viscosity of 15.4, a 40°C viscosity of 94.5, and a pour point of -43°C.
As you can see at operating temps they are all similar and the 5w has a cold advantage. Now compare the pour point of the 15w's and you can see how being synthetic has a large impact on pour point for the same multi-grade rating.
This chart shows how the viscosity relates to the cSt number.
View attachment 126200
5w-40's will not be superior to any 15w-40 in all ways. The bigger spread you get in a multi-viscosity oil the more likely you are to have weight loss as represented in the NOACK Volatility test. In the two Amsoil's listed above the 5w-40 has a 9.2% weight loss and the 15w-40 only has 5.1%, which is a common separation from 15w-40 to 5w-40.
Additionally most 5w-40's are slightly thinner at operating temp than their 15w-40 counterpart. It doesn't take much to see a difference on a oil pressure and temperature gauges. When I switched from a 15w-40 with a 100° viscosity of 15.0 to one with 15.6 the pressure went up a few psi and the average temp was lower.
You also generally get better High-Temperature/High-Sheer scores when the viscosities are closer. 7% higher on the 15w-40.
The only benefit to the 5w-40 in these two oils, same series, is the 3°C lower pour point.. it's not even enough to make a difference at the temps most of us see.
So by no means is a 5w-40 oil always better than any 15w-40, there is a very distinct reason I run a full synthetic 15w-40, as it has numerous advantages over a the 5w-40.