Yes. That's what specific gravity is all about - the comparison of the density of a material to that of an equal volume of water. If a material or substance has a specific gravity equal to that of water, its specific gravity (sometimes called "spee gee" by the chemists) is 1. If it is more dense, say twice as dense as water, its spee gee will be 2. If the spee gee of a substance, in this case a mineral, is less than 1, it is less dense than water and will float. There may be a few exceptions for porous materials, but this is the rule.
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It needs to be less than the medium in which you float it. Numbers can only be assigned if you specify the conditions and substances.
less then 1
Because the specific gravity of oil is lower than that of water. The density of water is 1 g/cm 3 and since the density of oil is less than 1 g/cm 3 it will float. if the density was more than it would sink.
One comercial source of agave nectar lists a specific gravity of 1.384 (about 75 Brix). This is a little less than the typical specific gravity of honey.
The unlikely but true unswer is: liquid water at any temperature, except at exactly 4 degrees Celsius (normal atmospheric pressure), and, of course, water ice. Other common examples of solid substances with a density lower than 1 gram per cubic centimeter: cork, styrofoam, most wood. As common liquids, you have (besides the amazing water!) gasoline, ethanol, CH3CH2OH, a common alcohol. All gases at normal Pressure and Temperature.