No. The only information that may be transferred between the two is music, apps, or books if automatic downloads are turned on within Settings>iTunes and App Stores. However if you use the same Apple ID for iCloud on both devices they will share whatever information you share with iCloud. For instance if you have different contacts on both phones and use the same iCloud account with both of them they will then show a combination of the two contact libraries on both phones. So if you add a contact to one iPhone it will add the same contact to the other. The same goes with deleting contacts as well. Hope this helps.