Let say you have an MWBC with p ungrounded conductors (p = 2 or 3 for single split phase or for 3 phase, respectively) serving L-N loads and you need to satisfy voltage drop requirements, but you want to minimize the total copper required. What ratio of size should you use for the ungrounded conductors vs the neutral?
So call A the area (in unspecified units) of the ungrounded conductors and N the area of the neutral. The voltage drop requirements are going to be of the following form:
1/A + 1/N <= 1 (most unbalanced case, only one ungrounded conductor has current).
1/A <= 1 (most balanced case, all ungrounded conductor currents are equal).
where I've set a bunch of constants to 1 for simplicity (the optimal ratio of A/N won't depend on the constants, length of the run, etc). The former inequality implies the latter, as N >0, so we can ignore the latter. And we want to minimize pA + N while satisfying the inequality. That minimum will occur at the boundary when 1/A + 1/N = 1, i.e. N = A/(A-1).
So we need to find the value of A that minimizes pA + A/(A-1). Some algebra and calculus gives us that A = (p + sqrt(p))/p, and then N = (p+sqrt(p))/sqrt(p). Whence N/A = sqrt(p).
The upshot, if I did the math correctly, is that for a MWBC with 2 ungrounded conductors (single phase or 2 of 3 phases), the optimal ratio of neutral area to ungrounded area would be sqrt(2) =1.414, and for an MWBC with 3 ungrounded conductors (3 phase), the optimal ratio would be sqrt(3) = 1.732. If conductors came in arbitrary sizes.
Of course, as conductors come in fixed sizes, for AWG that would be 1-2 AWG sizes larger for the the former case, and 2-3 AWG sizes larger for the latter case. And there may be a chance to further shrinking one of the conductor types due to the oversizing necessitated by the discrete sizes available.
Cheers, Wayne