That isn't entirely true. First of all I remember some site doing some math and making a guess that Fermi was about 20-22 stages of pipeline in each of their cuda cores.You maybe guessing, I am not lol. Look IPC BS we know that, GPU's aren't based on IPC, they are based on through put come on man, you have been around the block on this one. These aren't CPU's.
Secondly, AMD was claiming 20% or so higher performance at the same clock with the same shader cound from Fiji/Hawaii -> Polaris.
Lastly, check this slide out, right from AMD: (Sorry It's huge)
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