It is based on muzzle velocity, weight, and actual shape of the projectile, in slicing though the air.
So, yeah, if you had a rifle, I could expect indirect harrassment fire from you a couple miles away.
Naturally your odds of actually hitting me would be low, more because of the difficulty in aiming and doping the wind at those diastances, than the ability of the round to travel that far.
If I could even see you from that distance, give me a break. Your full of shit. So are your buddies.