Doug, I'm not sure if you're agreeing ... or not. Could you clarify?
Probably not. Bullet penetration is a controversial and complex subject. Here, in the previous comment, too much credit is given to velocity.
My carry ammo is box stock FEDERAL EFMJ in my three calibers. For my EBS 870 the first two are birdshot - for penetration considerations - followed by 00. Hmm, I made that decision when I had wallboard, now I have beaded siding and half-log siding - I might reconsider ...
Ballistic performance 5.7x28mm
Bullet weight/type Velocity Energy
23 gr (1.5 g) SS90 AP FMJ 850 m/s (2,800 ft/s) 540 J (400 ft·lbf)
31 gr (2.0 g) SS190 AP FMJ 716 m/s (2,350 ft/s) 534 J (394 ft·lbf)
28 gr (1.8 g) SS195LF JHP 716 m/s (2,350 ft/s) 467 J (344 ft·lbf)
5.7x28mm energy range 467 J - 540 J simple mean = 504 J
Ballistic performance 10x22mm
Bullet weight/type Velocity Energy
135 gr (8.7 g) Federal Premium JHP Low Recoil 1,190 ft/s (360 m/s) 424 ft·lbf (575 J)
155 gr (10.0 g) Speer Gold Dot JHP 1,175 ft/s (358 m/s) 475 ft·lbf (644 J)
165 gr (10.7 g) Speer Gold Dot JHP 1,150 ft/s (350 m/s) 484 ft·lbf (656 J)
180 gr (12 g) Speer Gold Dot JHP 985 ft/s (300 m/s) 400 ft·lbf (540 J)
200 gr (13 g) Double Tap Hornady XTP JHP 1,050 ft/s (320 m/s) 490 ft·lbf (660 J)
10x22mm energy range 400 J - 490 J simple mean = 446 J