Ferrari have looked the quickest throughout majority of the first half of the season, while Red Bull have also shown glimpses of top quality pace.
Yet it is Mercedes who lead the Constructors’ Championship by 10 points heading into the summer break following success in Hungary.
Hamilton won his fifth race of the campaign in Budapest to also cement his position at the top of the Drivers’ Championship – 24 points ahead of rival Vettel.
And although the Silver Arrow lack “horsepower” on their nearest rivals, Allison has highlighted their ability to navigate corners better is keeping them ahead.
“Certainly for a few races now we have been missing just a few horsepower to a Ferrari that has had a very, very impressive rate of development through the year,” said Allison in a Mercedes YouTube video.
“We are probably on average better than Ferrari through the corners at most tracks, sometimes they take a bit from us in the low-speed, but medium and high-speed we normally prosper relative to them.
“I would say they have tended to be a bit stronger than us when it’s at tracks that are strongly rear limited, but we are talking small margins, and us the opposite.
“We have tended to have better pit stops they have tended to have better starts although we appear to have put that right in recent races with a lot of work from the good guys in the controls department here in the factory.
“These are all small, small margins which is why the championship has yo-yoed one way and the other.”
Despite Mercedes holding that one advantage, the races have still been unpredictable this year.
“It’s quite interesting to note that in the 12 races we have had so far, only five of them have actually been won by the car that most people would agree was the quickest on that weekend,” he added.