You scan the live set (which most often is not dependent on the heap size). Bigger heap most often means better performance. Setting Xms to Xmx is good and valid if you know how much memory you need (which often is the case).
If you prefer high throughput, then relax the pause-time goal by using -XX:MaxGCPauseMillis or provide a larger heap. If latency is the main requirement, then modify the pause-time target. Avoid limiting the young generation size to particular values by using options like -Xmn, -XX:NewRatio and others because the young generation size is the main means for G1 to allow it to meet the pause-time. Setting the young generation size to a single value overrides and practically disables pause-time control. [1]
Setting -Xms and -Xmx to the same value increases predictability by removing the most important sizing decision from the virtual machine. However, the virtual machine is then unable to compensate if you make a poor choice. [1]
