Balancing shell weight and muzzle velocity

Does naval-gunnery history favor shell weight or muzzle velocity?

Neither alone; the best weapons balance projectile mass and velocity to achieve penetration and destructive effect.

There is no universal choice between the heaviest shell and the highest muzzle velocity. Greater speed raises kinetic energy and can improve impact performance, but an excessively light projectile sacrifices explosive effect. A very heavy shell carries more destructive material but may lose velocity and useful trajectory. The best historical combinations balance mass, acceleration, barrel behavior, and the intended target rather than maximizing one number.