Yes you are. You're missing the fact that 1h Swords have a lower damage multiplier than the 2b BWs. The multiplier makes a difference in your range and is why you need a decent attack sword and good shield to beat a good 2h sword. Sure one can be faster but the damage multiplier can make a difference.
For a 1h sword/axe/BW the multiplier is 1.2x
For a 2h sword/axe/BW the multiplier is 1.32x
These are the statistics after the Big Bang, I'm not sure if the multiplier for these changed after Chaos.