The wood strength is mostly proportional to the density. It runs all the way from 4-6lb. balsa up to basswood, maple, and oak. Really low density balsa is not as strong per/lb as slightly heavier wood. But once you get past 6lb/cu.ft. or so, the strength is pretty much proportional to density. The other thing to keep in mind is wood selection. Getting the grain correct can have as much effect on overall strength as density. Aircraft grade spruce is selected mainly for the number of growth rings/inch. For the same density, wood with more growth rings is significantly stronger. For our use, pick C grain wood for parts that need to be stiff(ribs, bulkheads, solid stabs, trailing edge sheeting, etc). Select A grain for parts that need to bend- leading edge sheeting and forming sheeting. B grain can be used for fuse sides, bulkheads, thin solid tail surfaces, etc.
Just as important, the amount and type of glue is just as important. It is very easy to add several ounces to a 60 inch plane by using too much of the wrong type of glue in the wrong places.