Yes. And a higher ASIC value will not scale as well with added voltage either. This is why people say that lower ASIC cards are better for water cooling and LN2 cooling. Also confuses me as to why EVGA would charge more for higher ASIC Kingpin cards.
Maxwell is different though, because the cards aren't going to accept much more voltage. So with Maxwell lower ASIC isn't really desirable even for water cooling or ln2. At least that's my understanding.
Kingpin -
Cards with very good ASIC value (75% and up) will tend to have the most "overclocking", but just like about every other maxwell gpu, they cannot overvolt past 1.23v-1.25v.
So highest asic cards like 80% +are almost always going to be the ones that can 1600+ on air/water, and again they do it pretty much WITHOUT overvolting over 1.23v-1.25v. Maxwell gpus with lower asic value like 65% will not be so great at air/water because these low asic gpus need voltage to scale compared to match the overclock of the high asic gpus( USING SAME USABLE VOLTAGE 1.23-1.25v)