It's a combination of the two - low CL and high freq, i.e. a 1866/8 set will outperform a 2133/11 set and many 2133/10 sets - basically to look for performance DRAM look to
1600/7 1866/8 2133/9 2400/10 2666/11 if you find any with a better CL at the given freq - that's even better, but at the same time seldom want to waste time looking at sticks that have a CL of 2 higher than matched up above