If low level you wont even have a damage bonus on your main hand swings. That means ratio > everything else.
The fact that the Jade Mace is a .5 ratio and the axe is a .4782 ratio means the faster MH wouldn't start to shine until you are in your 50's.
So basically 0-50'ish axe, upwards low/mid 50's Jade Mace.
Edit: From the wiki thread :
https://wiki.project1999.com/Game_Mechanics
"The dmg*2 formula for autoattack is true until lvl 28 where you get 1 bonus damage every 3 levels to your main hand attack. So at level 50 you get 8 extra bonus damage"