Below velocities of 2,200 ft/s, not so much. There isn’t enough KE to permanently damage tissue around the wound track. At pistol velocities momentum is a better indicator of penetration. Bullet design matters too.

Because of all the variables, it’s more accurate to shoot a bullet into ordnance gel (not ballistic gel) to test for penetration and expansion to compare effectiveness than try to calculate it.

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Vegan by proxy.