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Depends on what youre comparing it to. Cr-Mo is often held to be the "best" steel alloy for things like bicycles.(do note that there are different kinds of Cr-Mo available) Next step down the performace ladder is Hi-Ten(high tensile) steel.
By volume there are virtually no difference in weights between the alloys, but Cr-Mo is stronger, so you can build an equally strong structure using less material, and get a lighter finished product that way.
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