What everyone has to realize is that within any given SAE viscosity label (5W-20, 5W-30, etc.) the oil producers are given a fairly wide range of actual measured viscosities which are acceptable under that weight.
Therefore, there can be a 5W-20 oil which is heavy enough to be just about a 'light' 5W-30 by actual lab measured specs, and there are some 5W-30s which are light enough to be at the top of the heaviest allowed 5W-20 specs.
WHY I do not like using the general SAE weight labels, and look more at the published viscosity specs (cSt @ 100*C and @40*C, and the HTHSV specs) when choosing an engine oil.
Yes, there are many other factors.
One of the most important is to not get too far away from the automobile manufacturer's required spec (like the Ford WSS- numbers), since besides measured viscosity, they also take into consideration additive and detergent/dispersant packages, as well as anti-wear and anti-friction package requirements for any given engine platform's; valvetrain/bearing clearance/etc.
There can be great differences in those above requirements, and additive packages between specific USDM, German, and Japanese/Korean engine lube specs, even within the exact same measured viscosity oils.