IV in G2 MJOLNIR = II in G1 MJOLNIR
IV in G2 MJOLNIR < II in G2 MJOLNIR
III is the weakest in any armor
The last one isn't strictly true. Depending on their genes, S-IIIs can be on par with other Spartans. Noble Team, for example, had similar genes to the original SPARTAN-IIs. Given a set of MJOLNIR, they're roughly as strong as their predecessors. Hell, in SPI armor at about ten years old, Alpha, Beta, and Gamma companies were able to kill Elites in close-quarters and hand-to-hand combat, and with their own Energy Swords, no less. The members of Saber Team were able to dodge Sentinel Lasers without MJOLNIR as well.