Back around 1990, my friend and I chronographed a dozen 9mm and 9mm+P factory ammo out of 940 and compared them to several 38 Special and 38 Special +P factory ammo out of Chief Special and couple 357 Magnum factory ammo out of Ruger SP101 (this was before there was J frame 357mag).
I don't have all the data with me anymore but I was very impressed with the 9mm ammo out of that 2" barrel. At all similar weight levels the 9mm velocity was much higher than 38 Special or 38 Special +P and pretty close to 357 Magnum velocity.
One load I remember was Corbon 115gr JHP +P which averaged just under 1,250 fps (something like 1,248 fps) from the 2" 940 revolver. That was a fierce load... at both ends.
Federal 9mm 115gr JHP (Federal 9BP) averaged a little under 1,100 fps. In comparison, the Winchester 357 Magnum white box 110gr JHP out of the 2 1/4" Ruger SP101 was averaging just a little above 1,100 fps and the Winchester 38 Special +P 110gr JHP only averaged 910 fps out of a 2" model 36.
The hottest load of the day was the 357 Magnum Remington 125gr SJHP which averaged 1,275 fps from the Ruger.
That little 940 9mm revolver earned my respect that day.
I'll check to see if I can find all the velocity data from that day.