The initial trajectories of a M2 .50 caliber Browning and a 20 millimeter Hispano-Suiza were virtually identical, ranging from 870 mps for the M2 to 840-880 mps for the Hispano (depending on model).
That's roughly 3000 fps. Bullet drop would be identical as well, at least over the first 300 yards of range. Beyond that, bullet weight and ballistic coefficient begin to play a part. The Browning round would have a better long range trajectory because its form is more streamlined, yielding a better ballistic coefficient. The 20 millimeter made up for this deficiency by yielding more destructive power against the structure of an enemy aircraft.
In combat, most of the more experienced fighter pilots seldom fired at long range, preferring to get as close as possible, within 200 yards most of the time, before opening fire. At that range, trajectory would not be an issue with either type of armament. The fifty caliber was a better choice for the younger, greener pilots because they tended to take longer shots and their aim not as good.
For that reason, the USAAC preferred the .50 caliber to the 20 millimeter. The U.S. Navy, which tended to have older, more experienced pilots would have liked to make a change to 20 millimeter, but tended to follow the Army's lead.
Regards, Shuckins