I am using values for HP and MR for tanks and squishies that I find to be fairly common, and am not factoring in the 30 bonus damage that bloodrazor gives, nor the base attack damage of the attacker, only the magic damage done by bloodrazors passive
4% of a 2200 hp squishy is 88 bonus damage, 4% of a 3200 hp tank is 128 bonus damage. Now if our squishy only has 80 MR, he will take 49 bonus damage, or 2.22% of his max health. If our tank has 180 MR, he will take 58.88 bonus damage, or 1.84 percent of his max health per hit, a lower percent than our squishy.
Of course, this is assuming that our tank is stacking MR. If he isnt, the numbers change quite a bit. Say he only has 100 MR, this would result in him taking 64 bonus damage, or 2% of his health. At 80 MR (the same as our squishy) he is taking 85 magic, or 2.66% of his max health.
So yes, it seems that if the tank has more MR (even though he has more HP) bloodrazor will be doing more damage in terms of total % of life, to the squishy