A wing is a finite-span lifting surface.
Smaller wing leads to lower Re.
Lower Re leads to lower max lift coefficient,
but the stall is more delayed.
Lower Re makes the airfoil shape less important,
but due to the heavier importance of viscosity, it is harder to form the bound vortex,
and the viscous drag increases.
Hence, the lift coefficient and L:D ratio are lower in general.
* However, Re is not the sole factor determining L:D ratio.
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Aspect Ratio:
Higher aspect ratio leads to lower induced drag
Planform Area:
for a given {amount of lift & planform area},
Elliptical pressure distribution achieves the minimal induced drag.
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