Originally Posted by tkrussell
Both hots and the one neutral are the same size. Some may advice that the neutral can be smaller, however, that is allowed ONLY if load calculations are done to determine the size neutral, and cannot be smaller that 70 % of the wire size for the feeder.
If, because you have a 125 amp rated panel, and will be using #1 with a 125 amp circuit breaker, then a #6 copper is needed for the equipment ground.
You mention the wire size to the ground rod. This is sized differently, according to NEC Table 250.66 Grounding Electrode Conductor
The smallest allowed is #8 and applies to the feeder wire sizes up to #1/0. So, your wire from subpanel equipment ground bar to the ground rod(s) cannot be smaller than #8 copper.