Short answer: Yes.
Long answer: Try to get the common denominator by finding 3 and 5's least common multiple. In this case, it would be 15. So you can change the fraction to have 15 as its denominator by multiplying 5/5 to 1/3 and 3/3 to 4/5.
5/5*1/3 = 5/15
3/3*4/5 = 12/15
Now that you have common denominators, you can compare the numerators. 12 is larger than 5 therefore 12/15 or 4/5 is greater than 5/15 or 1/3.