Depends on your arrow weight, arrow speed ( ie momentum) and what game you're trying to put down.
What ever head you use learn how to get it SHARP.
A tuned arrow is a tuned arrow and it won't matter if it's 2, 3, 4, blades....just get it flying well.
A 2 blade with the same dia/width as a multiblade will penetrate easier...you're cutting less so using less energy.
....but it doesn't do any good to have your arrow sticking 5" in the ground after going through the animal.
with average equipment .... 50# or so, 28" or so draw, 10grains/# arrow or there abouts you could use a BIG 2 blade or the average size 4 or 3 blade on deer with no worries maybe even the Big Jim 3 at the right range.
Taking that setup for big game...might want to think about a heavy built 2 blade....especially if you're on the lower end of the above example.
What are you shooting now?
That info will help others help you answer your question fully.
Enjoy the ride!