They are equal.
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Yes, it is less.
4 is more than half of 5, while 3 is half of 6. Therefore 4/5 is greater than 3/6.
Oh yes, one third is quite a bit smaller than five sixths. To compare, we can convert one third into two sixths. So five sixths is fully three sixths (equal to one half) larger than a third.
two fifths is less than four sixths
3/5 < 2/6