Yes, it's a percentage, not a fixed value. I have 4.10 axle ratio and when I went to 31's I found it to be about a 10% difference. Here's how I came to that conclusion. Get on the interstate, or any highway with mile markers. When you pass the mile marker, reset your trip-meter. Then watch and see when you pass the next mile marker. I found that I only registered 9/10's of a mile while completing 1 mile. Therefore, we can conclude that your speedometer and odometer will both register a 10% difference. So if your speed says you're doing 60, you're really doing about 66. So watch your speed around the black&white.
C
ps. to correct this, either re-gear your axles, or get a new speedometer gear put in your t-case to make up the discrepancy.