The 480GB and 960GB versions, kind of. The 120GB and 240GB versions not at all.
SSDs are faster when they have more chips on the board, and the M500 has half the chips (with twice the capacity per chip) of i.e. the older m4, that's why the 240GB version of the M500 is only as fast as the 120GB version of other SSD models.
The
SanDisk Ultra Plus costs more or less the same, uses the same chipset as the M500 but with lower-density - and ergo more - chips, and is faster in general. However, it doesn't have a 480GB nor a 960GB model.